Bureaux De Change Calls For Binance Ban To Shield Naira

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the federal government to halt binance operations in the country.

ABCON President Aminu Gwadabe made this request during an interview in Lagos on Tuesday.

Binance is an online platform for trading cryptocurrencies and offers a wide range of commonly traded digital currencies. Gwadabe expressed that Binance’s activities are contributing to the pressure on the naira.

Recall that in June, the Securities and Exchange Commission (SEC) of Nigeria issued a statement declaring that Binance Nigeria lacks SEC registration or regulation, rendering its operations unlawful as reported by BIZTELLERS.

Mr Gwadabe said, “If you know about Binance, you will know that binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate.

“So, we have to do something that can stop binance. It’s a competition. We need to ban binance and the only way to do so is if you have liquidity.”

He stressed, “As I speak, binance is the most liquid market. They do 1.2 million transactions per second. So it’s a very liquid market but that is not a scary status, we can break it through our local content and peculiarities.”

According to the ABCON president, the foreign exchange market in Nigeria is experiencing a shift from optimism to pessimism.

Mr. Gwadabe emphasized that when pessimism dominates the market psychology, it can result in reduced confidence.

He highlighted that this change is causing investors to be hesitant and affecting Nigerians’ trust in the market.

As a remedy, he recommended seeking external financial solutions to address the situation.