Forex Crisis: Presidency Confirms Ban Of Binance, AbokiFx, Others

The Presidency has confirmed the ban of online cryptocurrency and Foreign Exchange (Forex) platforms operating in the country.

The Special Adviser to President Bola Tinubu on Economic Affairs (Office Of the Vice President), Tope Fasua, made the confirmation on Wednesday.

Naija News reported that the Federal Government had blocked the major online crypto platforms to avert the continuous manipulation of the forex market and illicit movement of funds.

The latest development comes after the National Security Adviser, Nuhu Ribadu, ordered a crackdown on currency speculators in the country.

It was gathered that the Nigerian Communications Commission (NCC) communicated the directive to telecommunication companies to block the crypto platforms.

The government was said to have decided to move against the crypto and forex firms following reports that currency speculators and money launderers were using them to execute criminal activities.

Some of the crypto firms blocked include Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others.

In a chat with the cable, Fasua hailed the government for taking steps to address the free fall of the naira, especially the ban on crypto and forex platforms.

He said: “In less than two hours after the FG banned crypto and Binance, the dollar dropped from N1850 to N1390. I pray this is sustainable.”

Speaking further, Fasua said the floating of the naira contributed to the rising cost of living and the economic hardships Nigerians are facing at the moment.

The presidential aide asserted that the county’s economy is too fragile to withstand the naira float.

“The economy is too fragile for that. The naira float made prices go up everywhere,” he said.