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Author Topic: Binace contribution to naira fall.  (Read 228 times)
Agbamoni
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April 10, 2024, 09:21:50 PM
 #21

No doubt the impact of Binance deleting NGN in their platform has quite have a huge impact on the fall of Naira. The news made most exchanges to follow the same pattern of felting the Naira from their platform. I wouldn't be so sure, but the increase in value started when the news was announced and now it dollars has gone down more than it was at the beginning of this year 2024. I have two reasons why i feel the impact was certain but ill just focus on one.

One, when the news spread out to Nigerians using Binance, they started to remove their funds, and majority were people who hold USDT stable coin because by then USD$ to Naira was appreciating. Immediately the news spread out they began to remove their investment thereby turning them into FIAT.

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Cryptomultiplier
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April 10, 2024, 11:45:39 PM
 #22

I missed this thread. Op you tried for the compilation. The mistake was mainly from Binance for not obeying the local laws. If dem pay for the license as dem came to di country and made known to dem dat they were here to do cryptocurrency exchange business and follow all the instructions of the government den nobody for hunt them but they were playing smart game and di game hooked them up for throat. Though the fine was too big but before government fine you with such amount dem don fine your net worth. How much dem dey make from Nigerians in a month before dem asked them to pay dat money and Binance was able to pay dat money. Now as it is, since one of their staff w still dey Nigeria prison dem go still pay that $10 billions. Remember Ekweremadu still dey prison in UK, dis one na so me I do you God no go vex.
E good as Naija government don learn to dey arrest foreigners or investors wey no wan abide or confirm to the country's business policies because even as Dem dey arrest Nigerians wey default for overseas, the Binance official wey dey held up, go need to answer the questions wey Dem dey ask am so that we go even know the truth behind the ban and unban and reban wey dey happen for Binance app.

If cryptocurrencies must take root and help the Nigerian economy, as it is believed to be an agent that can engage macroeconomic improvement just like Lugano and El Salvador and Brazil and UK and the U.S. are doing, then there must be a show of credibility and reliability from the camp of Binance and the government of this country.

Binance has little or nothing to do with Naira fall, the marketers and exchange market is responsible for that and having cleared the backlog from previous years by CBN,  the Naira still has hope to rebound stronger and with better store value.

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April 11, 2024, 01:06:31 AM
 #23

I missed this thread. Op you tried for the compilation. The mistake was mainly from Binance for not obeying the local laws. If dem pay for the license as dem came to di country and made known to dem dat they were here to do cryptocurrency exchange business and follow all the instructions of the government den nobody for hunt them but they were playing smart game and di game hooked them up for throat.

Normally everybody already knows say this country don already turn dumping ground for foreigners and our government go see all those things finish, and instead of them to talk or address the situation, them go collect shut up money from the people wey dey come dump wetin them want and maybe in the long run those people no come fit meet Nigerians demands again, na there problem go come start, that's when Nigerian government go start to turn Super hero all of a sudden.

Are they tryna say that the government has been blind to the fact that Binance was manipulating the Nigerian Naira exchange rate on the platform ( as the Nigerian government claims). These are strong accusations and I don't believe the Nigerian government would just get up and come up with such an accusation. I'm not here to confirm the authenticity of the accusations but my own be say such a crime no be something wey them fit just hide like that, if that's true then it means that the government has been aware of the whole thing all these while but chose to keep quiet for some reason and then suddenly they decide to speak up, pinning the failure of our economy on them to the extent of even detaining and holding Binance officials hostage and the matter no reach anywhere.  For me I'll say these people know wetin them dey do, and na inner misunderstanding na e escalate burst out public.
Cryptoprincess101
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April 11, 2024, 04:17:00 AM
 #24

I don't really understand your post correctly but let me just give opinion based on your subject, though the Nigerian government knows the causes of Naira devaluation but in other ways round, binance also contributed to naira depreciation because they were manipulating exchange rates when the naira was depreciating constantly and if I'm not misinformed, after federal government clampdown on binance the naira did not continue depreciating but stood at a particular rate before it started experiencing this significant appreciation so some times we shouldn't just put all the whole naira crisis controversy on FG. FG's clampdown on binance also aided in the recent strength the Naira is gaining now let's just tell ourselves the truth.

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April 12, 2024, 04:36:47 AM
 #25

No doubt the impact of Binance deleting NGN in their platform has quite have a huge impact on the fall of Naira. The news made most exchanges to follow the same pattern of felting the Naira from their platform. I wouldn't be so sure, but the increase in value started when the news was announced and now it dollars has gone down more than it was at the beginning of this year 2024. I have two reasons why i feel the impact was certain but ill just focus on one.

One, when the news spread out to Nigerians using Binance, they started to remove their funds, and majority were people who hold USDT stable coin because by then USD$ to Naira was appreciating. Immediately the news spread out they began to remove their investment thereby turning them into FIAT.
The USD price have significant value and have always been the main project when comparable to the Nigeria fiat currency. When the Nigeria Federal government noticed how Binance operates and the exchange played a major role in the depreciation of the Nigeria fiat currency, the decisions taken by the Government was totally out of the favour of the exchange and trust me when I say, their decision was drastic and affected most ongoing projects.

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