Amidst growing concerns over the impact of cryptocurrency trading on Nigeria's economy, Presidential spokesman Bayo Onanuga has issued a stern warning against the popular exchange platform Binance, alleging its potential to dismantle the country's financial stability.
Speaking on a televised program, Onanuga accused Binance of arbitrarily fixing foreign exchange rates, asserting that such actions constitute economic sabotage. He urged Nigerians to refrain from patronizing parallel markets for foreign exchange rates, emphasizing the centrality of the Central Bank's official rates.
Onanuga's remarks come amidst a broader crackdown on cryptocurrency exchanges by Nigerian authorities, citing concerns of illicit financial flows and suspicious transactions.
As the nation grapples with economic challenges, including inflation and forex instability, the government's efforts to regulate digital currencies have intensified, reflecting a contentious debate over the role of cryptocurrencies in Nigeria's financial landscape.
