Bayo Onanuga, the presidential spokesman, has raised concerns over the impact of cryptocurrency trading platform Binance on Nigeria’s economy.
During an appearance on Channels Television’s Politics Today program on Wednesday, February 28, Onanuga accused Binance of manipulating foreign exchange rates, warning that if left unchecked, the platform could wreak havoc on the nation’s economy.
He stated:
“If we don’t take action against Binance, it could potentially devastate our country’s economy. They are arbitrarily fixing exchange rates. We have individuals acting as saboteurs. Binance’s activities are deeply concerning for our economy. This is why the government has taken steps against Binance. Some entities are using the digital space to influence our exchange rates, undermining the role of the CBN.
“They have the power to manipulate rates as they please. This is a form of sabotage, and we are determined to prevent such actions in the future.”
