The Naira, the currency of Nigeria, has fallen to a record low against the U.S. dollar, and the president of ABCON has suggested that Binance, a popular crypto exchange, is partly to blame. Here are the key points:
1. ABCON president calls for a ban on Binance: Aminu Gwadabe believes that Binance’s dominance in the Nigerian market is contributing to the country’s currency woes.
2. Confusion over Binance Nigeria Limited: The Nigerian Securities and Exchange Commission initially banned Binance Nigeria Limited, thinking it was affiliated with Binance. However, it was later revealed that there was no relationship between the two entities.
3. Binance’s perceived dominance: Gwadabe argues that Binance’s trading activities have become influential in both the investors and exporters window and the parallel market, posing a threat to the Nigerian economy.
4. The need for liquidity: Gwadabe suggests that banning Binance is the only way to address the issue and promote competition. He believes that liquidity is crucial in achieving this goal.
5. Shift from optimism to pessimism: The initial optimism that followed the floatation of the naira has now given way to pessimism, according to Gwadabe.
In conclusion, the president of ABCON is calling for a ban on Binance, attributing Nigeria’s currency woes to the crypto exchange’s dominance. The confusion over Binance Nigeria Limited and the impact of Binance’s trading activities are key concerns. The shift from optimism to pessimism reflects the current state of the Nigerian economy.
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