Bayo Onanuga, special adviser to President Bola Tinubu on
information and strategy, on February 21, 2024, said Binance and other
cryptocurrency platforms should be banned from operating in the country
He said Binance is “blatantly setting exchange rate for
Nigeria,” and hijacking the role of the Central Bank of Nigeria (CBN).
The special adviser called on the Economic and Financial
Crimes Commission (EFCC) and the CBN to move against the platforms, adding that
the firms are trying to “manipulate our national currency to ground zero”.
Also on February 27, 2024, Olayemi Cardoso, governor of the
Central Bank of Nigeria (CBN), said $26 billion passed through Binance Nigeria
from unidentified sources in one year.
Cardoso said the apex bank is collaborating with the SEC to
ensure there is no manipulation in the FX market.
He said there was also collaboration between the different
agencies which includes the EFCC, the
police, and of course, the office of the NSA.
On June 9, 2023, the Securities and Exchange Commission
(SEC) had said the operation of Binance Nigeria Limited, a subsidiary of
Binance, was illegal.
Meanwhile, despite the federal government and the CBN’s plan
to clampdown on cryptocurrency trading, Binance is still operational.
The crypto firm, however, has discontinued the trading of
the naira against bitcoin and tether cryptocurrencies on its exchange platform.
