Naira Depreciation: Ban Crypto Exchange Platforms In Nigeria, Tinubu’s Aide Tells Central Bank, EFCC

The Special Adviser on Information & Strategy to President Bola Tinubu, Mr Bayo Onanuga has called on the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to move against platforms trying to manipulate the naira through crypto exchange platforms.

Onanuga, gave the advice in a statement he shared on his X (formerly Twitter) handle on Wednesday. He also suggested that Crypto channels should be banned in the country, otherwise, “this bleeding of our currency will continue unabated”.

Titled: “The Naira-Dollar manipulators,” the presidential aide explained how he chanced upon an X post Tuesday night made by one Brother Bernard, who according to him, rallied against what he called the order of the EFCC, NSA (National Security Adviser) on Finance to set a cap on traders selling USD tokens for naira equivalent.

According to the presidential aide, the said Bernard disclosed that token sellers had migrated to Telegram and were selling naira at N1850 and above.

Onanuga said, “He did not stop there, he lashed out at the Nigerian authorities over the efforts to arrest the slide of the Naira. He wrote: ‘If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully. Binance was only a medium. If you block Binance, people will find new ways. This whole policy is absolutely ridiculous. Naira is going to zero’.

“Naira going to Zero? Is the owner of this account a Nigerian patriot? I checked Bernard’s profile. He says he is “BUIDLing something for migrants” and he is the “Chief Commander of Japa”. Bernard also posted a web link www. http://exposingagbado.com.

“My curiosity has paid off. Bernard is one of those implacable supporters of President Bola Ahmed Tinubu’s opponents in the last election, still having an axe to grind; otherwise, why will any patriotic Nigerian wish that “Naira is going to Zero”.

“On Tuesday, Bernard shared Naira-Dollar rates on some unidentified platforms, possibly Telegram, where Naira is being traded at N1900-N1950 to a US dollar.

“He also enjoined forex traders or token holders to move their funds to ‘kucoin or bybit or your own cold wallet.’”

Onanuga regretted that Bernard reported on Wednesday that Binance had removed Tuesday’s cap and had now put another cap on the naira-dollar exchange. It is now N1892, he said, with a trading range of N1392 and N1892.

The presidential aide said, “He was not happy about the new cap and attacked Binance: ‘Binance continues their games with Nigerians. Caps at 1892 when clearly the exchange rate is almost 2000/$ on other platforms. Trade elsewhere (NFA)’.

“He retweeted a post by ‘Olumide capital’, who said Binance ‘distances itself from the forex debacle in Nigeria. Olumide reported that Binance said its platform is “market-driven and not intended to be a proxy for currency pricing in Nigeria.’”

Calling on the authorities to go after currency manipulators, the presidential aide explained that Binance, “which is blatantly setting exchange rate for Nigeria, hijacking CBN role, is a cryptocurrency trading platform, which has suffered access limitations from multiple jurisdictions, in the US, Singapore, Canada and the UK”.

Citing Data Wallet, Onanuga said that Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities.

He continued, “In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval.

“Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services.”

He added Binance, “which is currently 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, Bybit should be banned from operating in our cyberspace.”

“FX platform Aboki should be re-banned,” he suggested. He advised that 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,” he added.