Breakingnews: Nigerian Government Raises Alarm Over Binance's Potential Threat to Economy

Breakingnews: Nigerian Government Raises Alarm Over Binance's Potential Threat to Economy - warns from Onanuga.

Date: February 29, 2024

In a recent development, the Nigerian government has sounded the alarm about the potential damage that cryptocurrency trading website Binance could inflict on the country's economy. According to Bayo Onanuga, the presidential spokesman, Binance's unchecked operations have the power to disrupt the Nigerian economy by arbitrarily manipulating foreign exchange rates.

Onanuga expressed his concerns during an appearance on Channels Television's Politics Today program, where he strongly criticized Binance for its alleged role in sabotaging the economy. He accused the platform of using the cyberspace to dictate exchange rates and hijack the responsibilities of the Central Bank of Nigeria (CBN). The presidential aide warned that if left unchecked, Binance could cause irreparable harm to the nation.

To address this issue, Onanuga urged Nigerians to refrain from using the parallel market for foreign exchange rates, emphasizing that it is an illegal market. He urged citizens to rely on the CBN's official website as the only legitimate platform for exchange rate information. Onanuga further highlighted the detrimental effects of excessive dollarization on the economy, explaining that importers often exploit exchange rate fluctuations to arbitrarily fix prices and maximize profits.

The Nigerian economy is currently grappling with several challenges, including rising inflation, food inflation, a forex crisis, economic hardship, and a high cost of living. To mitigate these issues, Onanuga expressed optimism that stabilizing the exchange rate would lead to the normalization of prices and an overall improvement in the economic situation in the coming weeks.

In response to the concerns raised by the government, the Central Bank of Nigeria has intensified its scrutiny of cryptocurrency websites, particularly focusing on Binance. Governor Olayemi Cardoso revealed that Binance Nigeria has facilitated an astonishing $26 billion in transactions over the past year, involving sources and users that cannot be adequately identified. To address these issues, anti-corruption agencies, the police, and the Office of the National Security Adviser are collaborating on an investigation into cryptocurrency exchanges.

As the situation unfolds, the Nigerian government remains committed to safeguarding the economy from the potential threats posed by Binance and other cryptocurrency platforms. It is clear that regulatory measures and collaborative efforts are necessary to ensure the stability and integrity of the Nigerian financial system.

This Will Be The Most Informative Post You'll Read TodayHow To Start And Grow Your Business On Whatsapp Even If You Are A Complete Newbie & You Have Tried Everything And Failed.This Will Be The Most Informative Post You'll Read Today
Click the link to buy the course now with discount 👉👉  https://digitstem.com/t/OUVLekpqRGxzOXNUaEpQdXd2TGtGUT09-MTcyNzA0