Lagos, Nigeria – The Bureau de Change operators in Nigeria have asked the government to ban the Binance cryptocurrency exchange, claiming it is putting severe pressure on the naira currency.
Alhaji Aminu Gwadabe, the chairman of the Association of Bureaux De Change Operators of Nigeria (ABCON), says Binance is becoming a major platform for parallel currency markets in the country.
“Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate,” Gwadabe stated in an interview this week.
He believes banning Binance is necessary to “stop” this negative impact on the Nigerian naira.
The naira has struggled significantly this year amid economic turmoil, a recent currency redesign, cash shortages, and leadership changes. Since President Bola Tinubu took office in May, the Central Bank of Nigeria has tried propping up the naira after allowing free trading in June.
Bureau de Change operators argue that banning Binance should be the government’s first step to stabilizing the currency. Gwadabe said that while Binance is a major global exchange, banning it requires having enough naira liquidity domestically.
Last week, Nigeria’s securities regulator issued a warning against investing in Binance, alleging that it has been operating illegally in the country. The cryptocurrency exchange has come under increased scrutiny as the naira’s volatility continues.
#BinanceExchange #NigeriaCurrency #CBN
