Cryptocurrency Trading Website Binance Poses Threat to Nigeria’s Economy: Presidential Spokesman

In a appearance on Channels Televisions Politics Today program, Presidential spokesman Bayo Onanuga raised concerns about the potential damage cryptocurrency trading website Binance could inflict on Nigeria’s economy.

Onanuga alleged that the platform is arbitrarily fixing foreign exchange rates, which he described as a form of sabotage.

He stated, “If we dont clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate. We have saboteurs.”

The spokesman went on to emphasize that some individuals are using the “cyberspace to dictate even our exchange rate, hijacking the role of the CBN.

” He further claimed that they “just sit down and fix anything they like,” adding that “It’s a sabotage, and we are trying to prevent that from happening henceforth.”

This revelation comes at a time when Nigeria’s economy is facing numerous challenges, including high inflation and a fluctuating foreign exchange market.

The Central Bank of Nigeria has been taking steps to stabilize the economy, such as devaluing the naira and implementing a new foreign exchange policy.

However, the rise of cryptocurrency trading platforms like Binance has added a new layer of complexity to the situation.

These platforms allow users to trade digital currencies like Bitcoin and Ethereum, which can be used to bypass traditional financial systems and potentially manipulate the foreign exchange market.

Given the potential threat posed by Binance and other cryptocurrency trading platforms, it remains to be seen how the Nigerian government will respond.

It is possible that further regulatory measures may be taken to protect the country’s economy and ensure its stability in the face of these new challenges.