Nigeria’s Bureau de Change operators want the government to ban Binance, a digital asset exchange. They say Binance has been affecting the naira, the country’s currency.
Alhaji Aminu Gwadabe, who leads the Association of Bureaux De Change Operators of Nigeria (ABCON), explained that Binance is a major platform for both regular trading and the parallel market in the country.
Gwadabe said, “Binance trading is becoming important for investors and exporters, which is not good. We need to stop Binance.”
The naira has had a tough time this year due to economic problems, currency changes, cash shortages, and a new president. Since President Bola Tinubu started in May, he’s made big changes at the Central Bank of Nigeria, including removing and charging the former Governor Godwin Emefiele.
Nigeria’s Binance Warnings: Calls to Ban Binance Due to Naira Impact
Bureau de Change operators in Nigeria are urging the government to ban Binance, a digital asset exchange. They believe Binance’s activity is affecting the naira, the country’s currency.
In June, President Bola Tinubu ended the long-standing naira peg and allowed free trading on the open market. This move led to a significant drop in the naira’s value, with it reaching 750 naira to the dollar.
The Central Bank of Nigeria (CBN) has been working to stabilize the naira since then. The Bureau de Change operators argue that banning Binance should be the first step in this process.
Binance is a very active market in Nigeria, conducting 1.2 million transactions per second. The operators believe that with local solutions and strategies, they can compete with Binance’s liquidity and impact.
The calls against Binance are growing louder. Just last week, Nigeria’s securities regulator cautioned the public against investing with the exchange, accusing it of operating unlawfully.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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