Nigeria’s Presidential Spokesman, Bayo Onanuga, In an interview on Channels Television’s Politics Today program, spoke about the potential economic consequences of unchecked activity by cryptocurrency trading platform Binance in Nigeria.
Onanuga warned that failure to rein in Binance’s activities could lead to dire consequences for the country’s economy.
“If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate,” Onanuga stated
Nigeria is presently facing numerous economic difficulties, including soaring inflation, particularly in food prices, a foreign exchange crisis, and overall economic hardship exacerbated by the recent removal of petrol subsidies. These issues have led to protests in various parts of the country as citizens face mounting financial pressures.
Over the past nine months, the Nigerian naira has experienced a decline in value, a trend that has intensified since the administration of President Bola Tinubu closed the foreign exchange window. The naira’s value has plummeted from approximately N700/$1 last May to well over N1500/$1 at present, reaching an all-time low.
