Presidency Unfolds More Reasons Visiting Binance Executives Were Locked Up

The presidency has opened up on why the Nigeria government took drastic measures against the cryptocurrency trading platform Binance.

GWG.ng had reported that besides putting more limitations on the exchange that the government on Wednesday arrested of two of the visiting executives of Binance who flew into Nigeria.

Speaking on Channels Television on Wednesday, President Bola Tinubu’s spokesman, Bayo Onanuga, said that the cryptocurrency trading website Binance would have destroyed Nigeria if drastic actions were not taken.

Onanugu who spoke on Channels Television’s prime politics programme, Politics Today alleged that Binance was arbitrarily fixing the foreign exchange rate for the the Nigeria currency, the naira.

“If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate. We have saboteurs. Look at what Binance is doing to our economy. 

“That is why the government moved against Binance. Some people sit down using the cyberspace to dictate even our exchange rate, hijacking the role of the CBN.

“They just sit down and fix anything they like. It’s a sabotage and we are trying to prevent that from happening henceforth,” Onanugu said.

“They just sit down and fix anything they like. We are trying to prevent that from happening henceforth.”

He urged Nigerians to quit patronising the black market for foreign exchange rates, stating that the official website of the Central Bank is the only authorised source.

Arguing that the parallel market is not the real gauge of Nigeria’s economic health but an illegal market, Onanuga said: “I don’t even know why Nigerians and the media are feeding on the parallel market. That is not where we should go; what’s the CBN rate? As at Friday, the rate for the dollar was about N1,600.”

“Even in the so-called parallel market, the exchange rate is stabilising there and that is what this needs.”

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