Nigeria Nigeria's BDCs Blame Other Crypto Exchanges for Naira's Decline

The Association of Bureau De Change Operators of Nigeria (ABCON), represented by its president Aminu Gwadabe, has raised concerns over the impact of Binance-like platforms on the depreciation of the Nigerian Naira.

In an interview in Abuja, Gwadabe emphasized the commitment of BDC operators to thwarting speculative attacks on the naira. ABCON has implemented measures, including state chapters and data repositories, to regulate the forex market and collaborate with regulatory authorities.

Gwadabe stressed the need for centralization and KYC protocols in the foreign exchange market to identify all participants. He highlighted the emergence of peer-to-peer (P2P) platforms akin to Binance, which allow speculators to trade USD-backed stablecoins, contributing to the naira's decline.

Despite regulatory actions against Binance, Gwadabe pointed out the proliferation of similar unregistered online platforms, posing challenges to currency stability. He urged the Central Bank of Nigeria (CBN) and security agencies to address these platforms, emphasizing the detrimental impact of dollarization and illicit capital outflows on the economy.

As concerns mount over the naira's depreciation, ABCON calls for decisive measures to curb the influence of Binance-like platforms and safeguard Nigeria's financial integrity.