Onanuga also advocated the re-banning of the FX platform, Aboki, to stop the bleeding of the Naira
By Kehinde Okeowo
President Bola Tinubu’s Special Adviser on Information & Strategy, Bayo Onanuga, on Wednesday proposed a way to halt Naira’s free fall to the Central Bank of Nigeria (CBN), and the Economic and Financial Crimes Commission (EFCC).
Speaking via his X handle, has charged the two government institutions to clampdown on Binance and other cryptocurrency platforms undermining Naira at the foreign exchange market.
In his word, cryptocurrency exchange platforms are contributing to the continued Naira fluctuations in the forex market.
He cited Binance, which is restricted in the United Kingdom, Singapore and Canada, stressing that it is hijacking the role of the CBN.
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Onanuga further noted that Binance and other cryptocurrency platforms, such as Kucoin and Bybit, should be banned from operating in Nigeria’s cyberspace.
He added that the FX platform, Aboki, should be re-banned to stop the bleeding of the Naira.
While giving the advice on his social media page, Onanuga tweeted: “Binance, facing regulatory showdown in many countries and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform. Other crypto platforms, such as Kucoin and Bybit, should be banned from operating in cyberspace. The FX platform, Aboki, should be re-banned.
“The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country, or else this bleeding of our currency will continue unabated.”
Nigeria’s Naira has continued to fluctuate against the US dollar in the forex market for a while now, despite several policy interventions by the government.
Meanwhile, CBN after initially banning cryptocurrency transactions in Nigeria, lifted the embargo in December last year.
