Nigeria’s crypto landscape is gripped with uncertainty as Binance, a leading cryptocurrency exchange, has sent shockwaves to traders as it axed the Naira from its peer-to-peer market on Wednesday.
The peer-to-peer (P2P) feature, cherished by users for its direct transaction capabilities, witnessed a jolting change as Binance pulled the plug on Naira transactions, leaving Nigerian users reeling.
This dramatic move follows Nigeria’s rocky relationship with cryptocurrencies, which escalated in 2021 when the government, led by former President Muhammadu Buhari, banned crypto trading, prompting many to flock to P2P platforms like Binance.
Reports suggest that Nigerian users are now left stranded without access to this vital feature, raising concerns over the future of crypto trading in the country.
The decision by Binance to remove the Naira from its P2P market arrives amidst scathing allegations from Nigerian authorities.
Recall that Bayo Onanuga, a Special Adviser to President Bola Tinubu, accused Binance of wreaking havoc on the Nigerian economy by manipulating foreign exchange rates.
Adding fuel to the fire, Financial Times revealed that two Binance employees faced detention by Nigeria’s National Security Adviser, Nuhu Ribadu, as part of an investigation into the exchange’s operations.
The move is seen as a bid to curb Naira speculation and stabilize its plunging value by clamping down on cryptocurrency exchanges.
