Bayo Onanuga, the Special Adviser on Information & Strategy to President Bola Tinubu, has raised concerns about the impact of the cryptocurrency trading platform, Binance, on Nigeria’s economy.
Onanuga alleges that Binance poses a significant threat and could potentially destroy the country’s economic stability if not addressed promptly.
During an appearance on Channels Television’s Politics Today programme on February 28, Onanuga accused Binance of engaging in the arbitrary fixing of foreign exchange rates. He emphasized the need for regulatory measures against the platform, asserting that it wields considerable influence over the country’s exchange rates, surpassing the role of the Central Bank of Nigeria (CBN).
Onanuga stated, “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.”
Highlighting the potential economic sabotage, he expressed concerns about the ability of certain entities to manipulate exchange rates at will, stressing the government’s determination to prevent such actions in the future.
