Binance Will Destroy Nigeria’s Economy If Not Stopped – Onanuga

Presidential spokesman, Bayo Onanuga, says if not stopped, cryptocurrency trading website Binance will destroy the Nigerian economy by arbitrarily fixing foreign exchange rate.

“If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate,” Onanuga said on Channels Television’s Politics Today programme on Wednesday.

Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country.

The Nigerian naira has seen a dip in the last nine months since the President Bola Tinubu administration collapsed the foreign exchange window. The naira experienced an all-time low, falling from about N700/$1 last May to over N1500/$1 at the moment.