Pegasus Reporters Issues on the Wing
“The truth is that some people like we all know bought dollar at N1800 and above, and while dollar continued falling, felt reluctant to sell. So, rather than lose, they devised the means now to once again manipulate the exchange rate to get dollar rise again to a point they can sell.”
PEGASUS REPORTERS, LAGOS | APRIL 22, 2024
Dear Nigerians, Sule (not real name) was the man who told me authoritatively, while naira was collapsing like pack of cards that P2P on Binance was the reason. This was long before government muted the idea of looking towards Binance.
To prove to me how desperate Nigerians were using the platform to manipulate the naira, he started sharing the screenshots of dealings on the platform and went on to predict with precision what USDT would be every morning and at what price the BDC would buy or sell dollar the next day as a result.
For days, we kept watching, and his predictions never failed. It was shocking, watching what was happening.
As at this point, the CBN had made policies and regulations that ordinarily reverse the trend, yet the naira kept going south. Accurately, Sule assured me that there was no saving the naira until government checked Binance.
As a novice, I wondered whether government could do it. I wondered too whether government was even aware of such threat from Binance. And he told me that government could check it if they wanted.
A few days later, government muted Binance and went on to check P2P on Binance.
The result is what we have today. The new hope we share.
Naira has been on a steady rise ever since….
Until yesterday.
Suddenly, as expected, you can never beat selfish Nigerians to their game. What they could no longer do on Binance, they have started doing it on BYBIT. And today alone, since morning, from when we started monitoring activities on that platform, it has been crazy.
Below is the message Sule sent me this morning, alerting me so we can escalate and get government aware:
“Sir, I said I should bring it to your notice before the forex things scatter again with manipulation, there is another type of binance platform that people are using again, it is called BYBIT, if the government did not stop it now, we might be back to square one.
With what happen yesterday, I am afraid we might be sitting on a time bomb.
Rate for USDT yesterday morning was 1110, as at last night rate has increased to 1133.
Federal government should stop anything P2P in Nigeria 🇳🇬. “
Now, between morning when we had this conversation and now, rate has increased to N1250. That’s how sad.
The truth is that some people like we all know bought dollar at N1800 and above, and while dollar continued falling, felt reluctant to sell. So, rather than lose, they devised the means now to once again manipulate the exchange rate to get dollar rise again to a point they can sell.
My friend, Sule, is a crypto dealer, who is also using this same BYBIT to deal in USDT, and making his profits, but he values Nigeria’s gain over his selfish gains, and would rather lose than see naira fall and plunge the nation into the abyss.
Dear well-meaning Nigerians, please I urge us to share this message wildly to get the right authorities aware of the evil machinations of fellow countrymen.
Also, share privately to those closer to government. Let us join hands to fight the enemies of the country.
Nigerian government must rise up against any platform enabling P2P, otherwise, we are headed to square one.
Charles Kaye Okoye’s letter was shared in Pegasus Reporters & Guest WhatsApp forum.
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Editor’s Titbits: The other face of America you may not see on conservative media.
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