Presidential spokesperson Bayo Onanuga has voiced concerns over the potential economic fallout from cryptocurrency giant Binance, warning of its capacity to disrupt the Nigerian economy through unchecked manipulation of foreign exchange rates.
During an appearance on Channels Television’s Politics Today program, Onanuga highlighted the urgent need to address what he termed as “saboteurs” operating within the cyberspace. He emphasized the government’s decisive action against Binance, attributing it to the platform’s unauthorized meddling in the nation’s currency valuation, effectively circumventing the regulatory oversight of the Central Bank of Nigeria (CBN).
“We are facing a threat from Binance, endangering our economic stability. Their unchecked influence over exchange rates poses a significant risk. This compelled the government to intervene. We cannot allow a scenario where a few individuals manipulate our financial landscape at will, undermining the CBN’s mandate,” Onanuga stated.
Furthermore, Onanuga urged Nigerians to eschew reliance on unofficial forex markets, advocating for adherence to the CBN’s established rates as the sole legitimate benchmark for economic assessments.
“The parallel market does not accurately reflect Nigeria’s economic status; it operates outside the law. It is perplexing to witness the proliferation of narratives centered on parallel market rates. Our focus should be on the official CBN rates. As of Friday, the dollar exchange rate stood at approximately N1600,” he asserted.
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