Update on Naira against Binance P2P shutdown.
The federal government of Nigeria has closed down the operation of P2P trading in Nigeria
The gist is,
When It comes to MONEY & CRYPTO, if I talk listen to me.
Days ago, the Nigerian government issued a public statement of closing Binance & other tier-one Crypto exchanges accusing crypto exchanges of overly inflating the exchange rate of Naira.
I knew it the federal government was going to force close P2P.
But two things in inview:
(1) They need a well-founded reason - merely accusing them of inflating Naira wasn't enough to force ban the exchanges from P2P trading.
(2) Even if they they banned the exchanges it won't still solve the naira inflation issue.
Economically, the federal government of Nigeria won't have closed Binance just on the basis that the exchanges inflates Naira.
Today, they falsified statement that 26 billion dollars passed through Binance from an unknown source.
First, such an amount of money can't pass through Binance daily from a single account, because even if your account is verified there is a daily transaction limit.
Second, they needed a basis to shut down P2P trading on Binance but that's only possible if they can falsify a fraudulent transaction claim against Binance.
Which is what they did yesterday using the $26B transaction claim from an unknown source.
Be it as it may, the day the news of the Binance ban was released by the federal government.
I explicitly released a post telling every crypto trader in Nigeria not to panic that funds are safe, worse come to worse, we would move our coins to DEX exchanges or relocate to a nearby country.
However, I also instructed everyone in that post to sell off USDT to Naira that will take care of your bills for at least 3 months till regulation clarity is achieved.
Today, a dollar fell to N1450.
Binance P2P trading is closed.
If you didn't take my instructions...
It's your loss to bear not mine.
I did my part by exposing you to accurate information.