Allegedly: CBN, EFCC Ordered Binance To Restrict Selling Above N1800/1$

[Sim_card]

The Naira is currently stable now, the temporary solution simply creates buying dip opportunities, hope you guys are taking advantage of this to stack more dollar? Arresting BDC and and limiting access to Binance and other CEX is only a temporary solution. We all know what happened after AbokiFX was sized two years ago and what happened afterwards.

Exactly, it is only a temporary thing, and before you know it the price of Naira will still depreciate to dollar again. Currently, buying dollar is good because it will be used as a hedge to inflation. The government should think of tackling the major cost of inflation and not disturbing people that are doing their own business to survive in the country. I don't know who is giving the government this wrong advice that intimidating those in the exchange market will stop the depreciation of Naira.

[rachael9385]

The Naira is currently stable now, the temporary solution simply creates buying dip opportunities, hope you guys are taking advantage of this to stack more dollar? Arresting BDC and and limiting access to Binance and other CEX is only a temporary solution. We all know what happened after AbokiFX was sized two years ago and what happened afterwards.

Exactly, it is only a temporary thing, and before you know it the price of Naira will still depreciate to dollar again. Currently, buying dollar is good because it will be used as a hedge to inflation. The government should think of tackling the major cost of inflation and not disturbing people that are doing their own business to survive in the country. I don't know who is giving the government this wrong advice that intimidating those in the exchange market will stop the depreciation of Naira.

What border's me most is the government don't focus on the important things rather the focus on what's not supposed to be focused. In what way do they think that limiting binance from selling above 1800 will help the country? My question is who are the advisors of the governments? Who's given them this advise, however the country state now doesn't make anything easy for anyone anymore, so we all have to work smarter to make a living and no more depends on the government for any better jobs because even the government doesn't pay salaries and when they pay the salaries can't afford your bill the whole month.

[goaldot]

Sometimes, Naija govt go approve of crypto ATM all over the market I dey doubt am. One Oga go wake up one morning stop am say it do dis it day. Three ago dey banned Twitter now see wetin dey de do with binance. I trust Naija people. Dey don fine another way jeeje dey run dia thing. Naija govt na wahala.

[Tribalchief]

As me dey always talk our country matta no be wetin pesin go put mouth because last time we see how them been dey worry binance say them go begin pay tax after that them con say na Binance dey cause why dollars dey surpress Naira meanwhile na same FG dey make dollars scase for bank whereby if you go bank you go hardly get am there instead them go reference you go meet aboki for street to buy dollars there. The official rate for bank fit be 1700 or lesser but them fit instruct those aboki to sell am 1900 making price to high and binance traders fit pick up that price aboki dey sell. Now tell me where binance dey at fault currently, is binance now out new president or is binance now controlling our economy?

Na why @Sim_card dey doubt if they understand economics. This people are literally clueless, but only go after things that are taxable. Those aboki on the street, are literally what has made some bank owners big men today. They stake the money of a nation just to enrich their pocket. Na why we go reach bank, dem go tell us say no cash. If cash no bank, where e suppose dey ?.

The nation is now in a state were we have to buy cash with cash, which is also part of why our currency devalues. Those who are technologically conscious are already advancing into other medium of payment, and choose to uses cash in few occasions.

[Maxwell99]

As the topic says; The Nigeria government as usual is moving mad and this time they are going after independent Marchant on DEX in an attempt to save Naira Depreciation. Now it's difficult to BUY any assets above the fixed N1800 on Binance so traders are already moving back our old traditional Telegram and WhatsApp P2p. Just last week EFCC were shooting at black marketers at one Abuja market. Sometimes I wonder if those running the CBN and other financial institutions get basic economy degree at all.


I remembered 3 years ago the FG led by PMB went after the AbokiFX and the Naira kept deprecating afterwards. These are not solutions.

What do you guys think? De matter dey tire person for real.

Them think say na only binance we dey use for this country there try to bring us down but we no dey gree for anybody this year guys they are other crypto currency exchange you can use like bybit their rate are high also what is federal government is trying to do is not good but we move.

[Igebotz]

The nation is now in a state were we have to buy cash with cash, which is also part of why our currency devalues. Those who are technologically conscious are already advancing into other medium of payment, and choose to uses cash in few occasions.

The CBN and banks failed when POS became a job for many Nigerians, ATM are not longer loaded as it used to be, everyone now depends on buying cash from POS retailers. Before now, you walk into your bank and get your money but now Banks barely attend to other withdrawals. Now kids grow up and think it's normal to buy Naira with Naira.

Them think say na only binance we dey use for this country there try to bring us down but we no dey gree for anybody this year guys they are other crypto currency exchange you can use like bybit their rate are high also what is federal government is trying to do is not good but we move.

Honestly this is a temporary solution as there are some marchants accounts that manipulate the black market rate on Binance, regulating the price there is not a bad step but it's not going to help the Naira for the long run if the adequate measures are not put in place. Ban the use of Dollar in Nigeria, clear banklogs, make FX available at the bank and make it accessible.

[Agbe]

And finally the requested restrictions have effected today across centralized exchanges in the country. Binance now has stopped or disabled the p2p button with Nigeria naira. This one wey dem do na the wrong thing ever. They would have regulated it from their end and all those exchanges would adjust it T their end to follow up the government tag price of doy with Naira. Federal Government always thick wrongly. They knows that people are using the exchanges to buy and sell bitcoin and other cryptocurrencies yet they asked that to disable it. That is Weakness. And now that they have finally disabled naira in Binance app, let see how the naira go be in the country. When they have all those nonsense laws that fighting against the economy.

[DaNNy001]

And finally the requested restrictions have effected today across decentralized exchanges in the country. Binance now has stopped or disabled the p2p button with Nigeria naira. This one wey dem do na the wrong thing ever. They would have regulated it from their end and all those exchanges would adjust it T their end to follow up the government tag price of doy with Naira. Federal Government always thick wrongly. They knows that people are using the exchanges to buy and sell bitcoin and other cryptocurrencies yet they asked that to disable it. That is Weakness. And now that they have finally disabled naira in Binance app, let see how the naira go be in the country. When they have all those nonsense laws that fighting against the economy.

Federal government no really no watin be the problem for this country because dem just set all their mentality for the ceasing of binance and I think dem dey do this because of the popularity of binance and the number of Nigeria wey dey use am. Just the other day them been record a huge amount of money wey dey comot for binance to Nigerian banks and the CBN governor dey ask how and who dey operates these transactions and dem na the reasons the CBN dey upset about regulating binance and the huge volume of users there.

[Cantsay]

And finally the requested restrictions have effected today across decentralized exchanges in the country. Binance now has stopped or disabled the p2p button with Nigeria naira. This one wey dem do na the wrong thing ever. They would have regulated it from their end and all those exchanges would adjust it T their end to follow up the government tag price of doy with Naira. Federal Government always thick wrongly. They knows that people are using the exchanges to buy and sell bitcoin and other cryptocurrencies yet they asked that to disable it. That is Weakness. And now that they have finally disabled naira in Binance app, let see how the naira go be in the country. When they have all those nonsense laws that fighting against the economy.

And me just Dey refresh since thinking day nah the bad network wey Dey my area cause am make I nor see any ads for merchants. Make better people do come enter government, we don tire to see people wey their brain Dey inside freezer Dey rule us - so many misguided priorities.

I even check the list of currencies for binance p2p just now - naira nor Dey the list again, meaning once you change to a different currency you nor go fit put am for ngn again. Well sha this one nor do me anything I don already go wake up my accounts for other exchanges nah to make deposit continue business remain for me nothing more.

[Igebotz]

And finally the requested restrictions have effected today across decentralized exchanges in the country. Binance now has stopped or disabled the p2p button with Nigeria naira. This one wey dem do na the wrong thing ever. They would have regulated it from their end and all those exchanges would adjust it T their end to follow up the government tag price of doy with Naira. Federal Government always thick wrongly. They knows that people are using the exchanges to buy and sell bitcoin and other cryptocurrencies yet they asked that to disable it. That is Weakness. And now that they have finally disabled naira in Binance app, let see how the naira go be in the country. When they have all those nonsense laws that fighting against the economy.

Not all Centralized exchange, only Binance is so far affected and just lost millions of Nigerians on that exchange, no way CZ was going to bully by the Nigerian Government, the new Binance CEO is weak and advice everyone to move to OKX and Bybit for P2P trading.

[Agbe]

Not all Centralized exchange, only Binance is so far affected and just lost millions of Nigerians on that exchange, no way CZ was going to bully by the Nigerian Government, the new Binance CEO is weak and advice everyone to move to OKX and Bybit for P2P trading.

It is not only Binance but others also follow check my thread in bitcointalk in our local board today. Roqqu is also disabled and probably remitano might follow as well so many centralized exchanges p2p is no longer working in the country again so people are looking for another alternatives to use the p2p.

[Sim_card]

Not all Centralized exchange, only Binance is so far affected and just lost millions of Nigerians on that exchange, no way CZ was going to bully by the Nigerian Government, the new Binance CEO is weak and advice everyone to move to OKX and Bybit for P2P trading.

It is not only Binance but others also follow check my thread in bitcointalk in our local board today. Roqqu is also disabled and probably remitano might follow as well so many centralized exchanges p2p is no longer working in the country again so people are looking for another alternatives to use the p2p.

I just hope that FG doesn't not extend this restriction to other exchanges if not, it will be a problem for Nigerians to trade their cryptocurrency for Naira and vice versa. Binance was the first that FG targeted, because they are the most famous, and even people that don't know anything about cryptocurrency, or don't have any cryptocurrency have Binance app on their phones. I just hope it is only them that FG should think of.

[Igebotz]

Not all Centralized exchange, only Binance is so far affected and just lost millions of Nigerians on that exchange, no way CZ was going to bully by the Nigerian Government, the new Binance CEO is weak and advice everyone to move to OKX and Bybit for P2P trading.

It is not only Binance but others also follow check my thread in bitcointalk in our local board today. Roqqu is also disabled and probably remitano might follow as well so many centralized exchanges p2p is no longer working in the country again so people are looking for another alternatives to use the p2p.

Isn't Roggu a Local based exchange? I will never have my coins on exchanges like that. OKX, Bybit, KuCoin and remitano are still processing Naira payments and the NGN p2p is still functional. They do not have leverage on theses exchanges.

The three Binance reps arrested in Nigeria was the leverage they had on Binance, heard those reps are still in EFCC custody.  We don see worse situations wey pass this ones na so we go overcome too. Every CBN Governor always have something to blame.

[Cantsay]

board today. Roqqu is also disabled and probably remitano might follow as well so many centralized exchanges p2p is no longer working in the country again so people are looking for another alternatives to use the p2p.

I have tried both Bybit and kucoin and they are both working fine with ngn, meaning that FG haven’t done anything to them yet only binance have halted its transactions with ngn.

I just hope that FG doesn't not extend this restriction to other exchanges if not, it will be a problem for Nigerians to trade their cryptocurrency for Naira and vice versa.

If they should extend it to other exchanges we’ll be forced to move to decentralized p2p exchanges and trade over there or go back to the old times when transaction were done over WhatsApp - but the only issues we’ll face will be scams, unless you know the person physically you’ll most likely fall for scammers. But I know for sure that we’ll survive.

[Jaycoinz]

I think the Nigerian government are not taking the right approach to regain the value of naira, these shooting and violence means they are using will not only cause violence, but it can cause death and other unimaginable disaster .they removed Nigeria P2p in binance which has affected most Nigerian youth, these are not solutions and they won't solve the problem at hand. The government should take neccesaey actions.