I don’t understand.

How do people use Opay and Palmpay to do so?

So Tinubu has effectively ban crypto?

Agbados ntor

nairalanda1:


The government is wrong about this crypto thing. Yes, I think crypto is a scam, but people have the right to use their money for whatever. SO if someone wants to buy cyanide and drink it himself, so be it.

But the reason why the naira is falling is simple. We. dont. have. a diversified economy. We cannot earn enough forex to buffer the naira and provide for people's dollar needs. And dollar needs have gone up in the last 10 years

SO banning crypto and forex speculation...is just like building a Potemkin city. It looks good on the outside, but behind it is all rotten. It won't stop the naira being weak, so long as we are NOT A PRODUCER NATION.

Field Ruwe really gave us the way forward 12 years ago, but most people subjected him to abuse. I don't blame them...people no wan see.

Government should focus on diversifying the economy and raising tax income, instead of blaming people for forex issues. The same speculation has been happening for years.

Well Said

Just don't put up any crypto related write up when making transfers period.

Agbadoism politics at its best

When you have bunch of dinosaurs at the helm of affairs this is what you get.

Instead of this government to focus on how to reduce the poverty rate by increasing employment, make business environment to be viable, they are focusing on crypto lol. Useless government

SocialJustice:
Announcing for the sake of it. In reality, P2P transactions can not be tracked by the banks.

The best way is to kill P2P on the platforms like they did to Binance but there are hundreds of exchanges lined up to replace them.

Well, they can actually have a clue when someone is doing it. For example, P2P Merchants on those platforms that buy from sellers and sell to other buyers often do several millions a day and in different transaction portions. To further break it down, a merchant could do up to N100 million a day using like 3 banks, buying as low as 500k to 5m per transaction, every single day. By the end of the month, this computes to a huge amount of hundred millions.

These types of transactions are suspicious to banks and only those in the P2P business could have this nature of frequent transfers.

[quote author=SYSTEM222 post=129775193]On 9th May 2022, FG banned Crypto.
23rd December 2023, FG lifted Ban on Crypto.

These people don't know how to run a country.
They basically do try and error all the time.

Now they want to blame the digital age banks and those trading Crypto for their failure to curb the naira to dollar surge.

You can't stop people from trading Crypto currency.
It's a digital asset of the new age. And it's global.

Making it illegal is much more worse.

Very useless government.
The only way naira can gain against dollar is when export almost equat import, when Nigeria start attracting investors, when the rate of japa slows down due to good economy, when job is available to at least 60% of the youths, when businesses feel the warmth that they can grow correct]

Birniwa:


Well, they can actually have a clue when someone is doing it. For example, P2P Merchants on those platforms that buy from sellers and sell to other buyers often do several millions a day and in different transaction portions. To further break it down, a merchant could do up to N100 million a day using like 3 banks, buying as low as 500k to 5m per transaction, every single day. By the end of the month, this computes to a huge amount of hundred millions.

These types of transactions are suspicious to banks and only those in the P2P business could have this nature of frequent transfers.

You're 100 percent correct. But what of those that don't do trade there but just to sell their coins once in a while whenever they're received any crypto fund? Do you think they can also be tracked? 🤔

Just like sanusi dealt with his enemies in the banking sector, when he was an up coming banker, caddy B is out to completely dealt with some individuals in the banking sector (fintec)

Ibrahimcoomasie:


https://punchng.com/opay-palmpay-others-warn-customers-against-crypto-trading/

Please, the federal government should just ban betting/gambling platforms too.

Dem want to Finnish me

Ibrahimcoomasie:


https://punchng.com/opay-palmpay-others-warn-customers-against-crypto-trading/

We'll be following the directive

nairalanda1:


The government is wrong about this crypto thing. Yes, I think crypto is a scam, but people have the right to use their money for whatever. SO if someone wants to buy cyanide and drink it himself, so be it.

But the reason why the naira is falling is simple. We. dont. have. a diversified economy. We cannot earn enough forex to buffer the naira and provide for people's dollar needs. And dollar needs have gone up in the last 10 years

SO banning crypto and forex speculation...is just like building a Potemkin city. It looks good on the outside, but behind it is all rotten. It won't stop the naira being weak, so long as we are NOT A PRODUCER NATION.

Field Ruwe really gave us the way forward 12 years ago, but most people subjected him to abuse. I don't blame them...people no wan see.

Government should focus on diversifying the economy and raising tax income, instead of blaming people for forex issues. The same speculation has been happening for years.

Can you explain the relationship between cryptocurrency and dollar

SYSTEM222:
On 9th May 2022, FG banned Crypto.
23rd December 2023, FG lifted Ban on Crypto.

These people don't know how to run a country.
They basically do try and error all the time.

Now they want to blame the digital age banks and those trading Crypto for their failure to curb the naira to dollar surge.

You can't stop people from trading Crypto currency.
It's a digital asset of the new age. And it's global.

Making it illegal is much more worse.

Very useless government.
The only way naira can gain against dollar is when export almost equat import, when Nigeria start attracting investors, when the rate of japa slows down due to good economy, when job is available to at least 60% of the youths, when businesses feel the warmth that they can grow to multinational and when electricity is constant.

We have so many problems in this country and we are focusing on digital banks.

Chasing shadows.

How is cryptocurrency affecting dollar surge?

Does it include FOREX too ?
Cos that's also virtual asset

Okay

helinues:
Why are the regular banks not doing same?

where are the regular banks?

The hailing of this administration is the beginning of stupidity...no cap

Birniwa:


Well, they can actually have a clue when someone is doing it. For example, P2P Merchants on those platforms that buy from sellers and sell to other buyers often do several millions a day and in different transaction portions. To further break it down, a merchant could do up to N100 million a day using like 3 banks, buying as low as 500k to 5m per transaction, every single day. By the end of the month, this computes to a huge amount of hundred millions.

These types of transactions are suspicious to banks and only those in the P2P business could have this nature of frequent transfers.

You have described the transaction pattern of the average successful business person in Nigeria. The person could be selling furniture to dried meat to beans to garri. Even the bank can not prove the transaction was for crypto and they process thousands of transactions daily if not millions.

This policy can not be implemented.

nairalanda1:


The government is wrong about this crypto thing. Yes, I think crypto is a scam, but people have the right to use their money for whatever. SO if someone wants to buy cyanide and drink it himself, so be it.

But the reason why the naira is falling is simple. We. dont. have. a diversified economy. We cannot earn enough forex to buffer the naira and provide for people's dollar needs. And dollar needs have gone up in the last 10 years

SO banning crypto and forex speculation...is just like building a Potemkin city. It looks good on the outside, but behind it is all rotten. It won't stop the naira being weak, so long as we are NOT A PRODUCER NATION.

Field Ruwe really gave us the way forward 12 years ago, but most people subjected him to abuse. I don't blame them...people no wan see.

Government should focus on diversifying the economy and raising tax income, instead of blaming people for forex issues. The same speculation has been happening for years.

crypto increases demand for dollars tho.

Demand for dollars is the reason for scarcity.
When demand is higher than supply, its a problem.

People who don't used to care about dollars now do because they want to trade in crypto.
You don't have to farm or produce anything tangible, you just need stay in your room trading without providing value to bring in dollars and you may even lose all that money to foreign countries without bringing anything back to Nigeria Interms of dollar value.


Government will not throw magic wand to start producing, it starts with citizens producing stuff for export and being productive instead of staying behind phone trading crypto and foreign betting and putting pressure on naira by demanding dollars all the time.

All we have to demand is enabling environment.

Its a shame that criminals are in power. I just hate when Nigerians talk about diversification as a solution, it is not and never will be! Countries like UAE, Malta, Hawaii, Sychelles etc ...soley rely on tourism and their currency is fairly stable because their politicians aren't as greedy and callous like ours here in Nigeria.

A huge chunk of the greenback, within the Nigerian economy, lies in the "secret coffers" of politicians and their cronies....recently, it was alleged that gandollar coverted over 1B (naira to usd) monthly for 8 years, thats just an indidivual whose aim is solely to hoard.

How about others whom we have no single clue about

Instead Tinubu government to totally ban crypto trading in Nigeria for now while they try to recover the economy first.
What is their gain in unbanning crypto? Do they themselves benefit from it?

silaswills01:
Does it include FOREX too ?
Cos that's also virtual asset

This is also what I'm trying to understand
This country is a complete mess

Ibrahimcoomasie:


https://punchng.com/opay-palmpay-others-warn-customers-against-crypto-trading/

I just got d message few minutes ago what about people that trade gift card

Cardoso should stop being an idiot. They have told you can't stop determined minds from operating in the crypto space. P2P is well ahead of you.
Why not face your currency decline problem from the root. Synergize ur economic policies and shoot to earn forex for the country. Encourage people that will produce, set up trade exchange systems and the rest with China and serious partners. Forget the hate u have for the tribe that will benefit most from reinvigorating trade and production, just do it and save the country.

MomohMrMoore:
Instead Tinubu government to totally ban crypto trading in Nigeria for now while they try to recover the economy first.
What is their gain in unbanning crypto? Do they themselves benefit from it?

It is better to monitor what is happening than to ban crypto trading. Because really with technology, u cannot really ban anything. The web space is such that you can be in Nigeria and be operating anywhere else in the world on the internet. So imagine someone's activity manipulating ur currency when u can't see what the person is doing, it's better u see so u can control appropriately.

Chimarto:
Opay and PALMPAY are just too reliable

THEY ARE EASY TOOLS FOR SCAMMERS AND FRAUDULENT ANIMALS

NinjaMetahuman:
crypto increases demand for dollars tho.

Demand for dollars is the reason for scarcity.
When demand is higher than supply, its a problem.

People who don't used to care about dollars now do because they want to trade in crypto.
You don't have to farm or produce anything tangible, you just need stay in your room trading without providing value to bring in dollars and you may even lose all that money to foreign countries without bringing anything back to Nigeria Interms of dollar value.


Government will not throw magic wand to start producing, it starts with citizens producing stuff for export and being productive instead of staying behind phone trading crypto and foreign betting and putting pressure on naira by demanding dollars all the time.

All we have to demand is enabling environment.

It seems you don't know the difference between USD and USDT

Before Binance stopped operation, CBN Governor Olayemi Cardoso said nothing less than $26bn was moved by unknown sources through Binance Nigeria in one year.

so emefiele knew this and did nothing ?
no wonder he is on trial

Cbn can't stop crypto trading in nigeria they are just fighting an already lost battle.
Hope they will also be going after telegram that recently opened p2p crypto exchange for nigerians?
Many countries like Ghana, South Africa and so many others allowed crypto trading in their countries yet it doesn't affect their currencies I don't know why nigeria's own is totally different.

Erikiel:

This is also what I'm trying to understand
This country is a complete mess

A country that's allergic to progress they blame everyone and everything but themselves
Bunch if de devilish failures


E no go better for who vote apc aswear

Blaming everything except the real cause of the problem.