Bayo Onanuga, a spokesman for the presidency, has raised concerns over the potential negative impact of cryptocurrency trading platform Binance on Nigeria’s economy, warning that if left unchecked, it could lead to significant damage.
Speaking on Wednesday, Onanuga expressed his displeasure, stating, “If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate.”
He pointed out the issue of saboteurs manipulating foreign exchange rates through online platforms like Binance, which he believes undermines the role of the Central Bank of Nigeria (CBN) and threatens economic stability.
Onanuga urged Nigerians to rely on official channels, adding that the CBN’s website is the legitimate source for foreign exchange rates, rather than the parallel market.
He also stressed the need to stabilize the exchange rate to normalize prices and improve the country’s economic situation, especially amidst challenges such as rising inflation, food inflation, and forex crisis.
Truth Live News reports that the presidency’s concern over cryptocurrency exchanges follows recent remarks by the Governor of the CBN, Olayemi Cardoso, regarding illicit flows through platforms like Binance. Cardoso said it’s important for investigation and coordination to be made among anti-corruption agencies and security agencies to address these concerns.