Binance Will Destroy Nigeria’s Economy If Not Stopped – Onanuga

Special adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has warned that cryptocurrency trading platform, Binance will destroy the country’s economy if it is allowed to continue to arbitrarily fix the country’s foreign exchange rate.

Making this assertion on Channels TV’s Politics Today on Wednesday, Onanuga argued that Binance was capable of destroying the country’s economy if the government dues not take decisive actions against the platform.

Naija News reports that Onanuga encouraged  Nigerians to stop patronising the parallel market for FX rates, saying the website of the apex bank is the only legal platform.

He said, “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. They just sit down and fix anything they like. It’s a sabotage and we are trying to prevent that from happening henceforth.

“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. Even in the so-called parallel market, the exchange rate is stabilizing there and that is what this needs. Our economy is too much dollarised. Importers are looking at the exchange rate and using it to fix prices, some of them arbitrarily, some of them actually profiteering.”

His comment comes as President Bola Tinubu led the government’s continued effort to revive the plummeting value of the country’s currency.