In a bid to counter what it perceives as ongoing manipulation of the forex market and illicit fund movements, the Nigerian government has moved to block several online platforms, including Binance, OctaFX, Coinbase, and others.
Sources within major telecommunications companies revealed to PREMIUM TIMES that the Nigerian Communications Commission (NCC) has directed telcos to block these platforms.
The decision comes after reports of currency speculators and money launderers exploiting these platforms for criminal activities, which authorities believe are contributing to the naira’s depreciation.
Despite warnings from regulatory bodies, such as the Securities and Exchange Commission (SEC), Binance continued its operations, attracting significant patronage, particularly among urban youths and suspected speculators.
Officials also cited national security concerns, as these platforms are reportedly used by criminal groups for ransom payments.
Binance responded, stating that it would remove users engaging in manipulative behavior and collaborate with authorities to ensure compliance.
Meanwhile, the government announced plans to raise $10 billion to bolster liquidity in the forex market, emphasizing the importance of managing federal assets effectively.
Despite the naira hitting an all-time low of N1,900 per dollar on the parallel market, there was a slight appreciation to N1,551.24 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The Office of the National Security Adviser directed law enforcement agencies to take decisive action against those involved in forex speculation, highlighting the need to safeguard Nigeria’s economic stability amidst challenges in the forex market.
