If Binance was really the problem of NAIRA, Naira should be trading at 500/$ since the crackdown on Binance P2P.
Why is the rate at 1407 this morning?
Simple logic why naira is crashing against the Dollar 💰
- people converting large sum of money are the reason and they are not the retails but the elite that are siphoning money. They literally bid for the dollar at a high rate which simply makes it scarce there by making the price to shoot.
- The average crypto guy is not the problem because majority of serious crypto traders make their money off crypto and withdraw into fiat which also help boost the economy
Credit: C4B