Naira crisis: Why Tinubu govt moved against Binance – Onanuga

Presidential spokesman, Bayo Onanuga, has said that if not stopped, cryptocurrency trading website, Binance will destroy the Nigerian economy.
He said the website would do this by arbitrarily fixing foreign exchange rate.

Onanuga said this when he appeared on Channels Television’s Politics Today programme on Wednesday.

“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.”

Onanuga further called on Nigerians to halt patronising the parallel market for Forex rates, adding that the website of the apex bank is the only legal platform.

“The parallel market is not the real gauge of Nigeria’s economic health. The parallel market is an illegal market.

“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 N1600.”