CURRENCY CRISIS: PRESIDENT CONFIRMS BAN ON ABOKIFX, BINANCE, AND OTHER COMPANIES

Babatunji Wusu –

The country’s foreign exchange (Forex) platforms and cryptocurrency businesses have been outlawed, according to official confirmation from the presidency.

The confirmation was given on Wednesday by Tope Fasua, the Office of the Vice President’s Special Advisor on Economic Affairs to President Bola Tinubu.

The main cryptocurrency websites were prohibited by the federal government in order to stop illegal money transfers and ongoing forex market manipulation.

The most recent event follows Nuhu Ribadu, the nation’s national security adviser, ordering a crackdown on currency speculators.

According to rumors, the Nigerian Communications Commission (NCC) gave telecom providers the order to restrict cryptocurrency platforms.

According to sources, the government decided to take action against cryptocurrency and FX firms because they were being used by money launderers and currency speculators to carry out illegal activities.

Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken are a few of the cryptocurrency companies that have been prohibited.

In an interview with the cable, Fasua praised the government for acting to stop the naira’s decline, pointing in particular to the prohibition on cryptocurrency and FX platforms.

“The dollar dropped from N1850 to N1390 in less than two hours after the FG banned crypto and Binance,” he stated. I hope that this holds up.

Speaking further, Fasua claimed that the current economic woes faced by Nigerians were partly caused by the naira’s floating.

The county’s economy, according to the presidential advisor, is too weak to sustain the naira float.

For that, the economy is too precarious. All prices increased as a result of the naira float, he claimed.