Quote from: Africolo on May 06, 2024, 12:43:55 PM

Quote from: EarnOnVictor on May 06, 2024, 09:03:34 AM

This is no longer a secret warning, the Nigerian government through all their possible actors and agencies is fighting the exchanges in the open. Only that some exchanges are more adamant than each other because by now I believe they must have served all the top-rated ones their dissatisfaction and warning to desist from providing the services that are NGN-related. But still, many of them are still providing the service, let's see who's is next.

Besides, the Nigerian government has taken this matter with a kid's glove, they are not just mature about their approaches. Regulations, I mean a strict one is the solution here, or don't they know that we will always find alternatives to do our P2P thing? One way or another, our cryptos must be exchanged whether they like it or not, this is even as we are finding opportunities to make extra money in the tough economy they've created for us.

The CBN and FG can easily handle this by removing the ban on the Naira card for internationally shopping and purchases, allowing us to trade and buy Bitcoin at the CBN rate, as it was during the Goodluck Jonathan administration before Buhari took office. I doubt anyone would use the black market rate if the rate for card transactions was 1,100 or 1300 (or whatever rate they deemed appropriate). This way, the black market will be unaffected because no one will go there since the CBN rate is better.

Allow Naira withdrawals from exchanges at the same CBN exchange rate as before. P2P only became a trend once exchanges stopped accepting withdrawals and Naira cards. If we could get all of these things back to exchanges, Naira P2P would decrease and the supposed "Naira manipulation" would cease.

I'm still following up the SEC meeting News, nothing in the News yet.

Well, their mismanagement of the economy and the commonwealth has put us all into this mess and now they are blaming dealers, exchanges and the P2P. Besides, the reason why they can't allow our bank cards to function as you said is because they do not have the FX to fulfil such international obligations which is gross and so annoying. And even if there was an option like that, someone like me would never go for it because it would be cheaper and can't mean a good business for me. I would rather locate a parallel market as it is in all countries of the world, only that our country missed it from the beginning which is why things are burning this way.

However, the P2P initiative is not the issue, the government through their poor reasoning and action believe it is, but it is not. Imagine, if the country is doing well and there are four places you can exchange your crypto which are; 1. Official/bank, 2. Parrallel market/BDC, 3. Normal local exchanges, 4. P2P. These mediums will merely quote their rates and anyone interested in such rates and the service they render will go for them without any issue. The P2P is working fine in every other country of the world, so why is Nigeria's situation different?

The government are just clueless and I wonder how P2P will be the only issue when there are still other three channels quoting similar rates with the P2P. This is the problem we've been facing with the country from the beginning, they never have any solution to problems but just proving smart. As for the news, just do not waste your time, it was never a good one, it's another waste of chance by SEC.