Crypto users in Nigeria are facing challenges accessing exchanges like Binance and OctaFX, with Binance’s P2P platform imposing limits on USDT sales, causing disruptions in trading activities. The situation has intensified following calls from Bayo Onanuga, an adviser to Nigeria’s President Bola Tinubu on information and strategy, urging for a ban on cryptocurrency trading platforms within the country.
Onanuga’s demand for prohibition surfaced on social media, where he claimed that platforms such as Binance and KuCoin were tampering with Nigeria’s fiat currency, the naira, leading to its depreciation in the foreign exchange market. He urged the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to promptly step in and cease cryptocurrency transactions in the nation, alleging that participants were lacking in patriotism.
In his post titled “The Naira-Dollar Manipulators,” Onanuga urged for urgent action, stating that the EFCC and the CBN should move against these platforms trying “to manipulate ‘our national currency to Ground Zero. Crypto should be banned in our country, or else this bleeding of our currency will continue unabated.”
While highlighting the regulatory scrutiny Binance faces in various jurisdictions, Onanuga argued against granting it the authority to determine the value of the naira on its platform. However, Binance refuted these claims, asserting that its platform operates based on market dynamics and does not aim to influence currency pricing in Nigeria.
The situation underscores the growing regulatory challenges faced by cryptocurrency exchanges globally and the need for clear regulatory frameworks to ensure consumer protection and market integrity.