Bayo Onanuga, a special adviser to the Nigerian president, has called for measures against Binance, blaming it for exacerbating the local currency’s depreciation against major currencies. 

Onanuga called for immediate action against Binance, warning that its activities could potentially undermine the economy. 

Binance, however, has refuted these allegations, attributing the naira’s depreciation to “complex factors” that are not related to its operations.

Binance’s Alleged Malpractices A Threat To The Nigerian Economy

Another senior Nigerian government official has once again accused Binance of instigating the local currency’s significant depreciation, calling for immediate action. 

Bayo Onanuga, a spokesperson for the Nigerian presidency, warned that if the cryptocurrency exchange’s activities are not curtailed, it could lead to economic devastation.

Onanuga, who serves as a special adviser to Nigerian President Bola Ahmed Tinubu, expressed these concerns during an interview with Channels Television. 

See Also: Nigerian Authorities Detained Two Binance Executives Amid Naira Speculation Crackdown

His comments came just a day after the office of the Nigerian security adviser ordered the detention of two senior cryptocurrency exchange executives.

As reported by Bitcoin.com News, several Nigerian officials, including Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, attribute the local currency’s recent decline to alleged malpractices by Binance. 

The crypto exchange has however refuted claims that it manipulates the naira’s exchange rate versus the US dollar. Binance maintains that the local currency’s exchange rate is influenced by “complex factors” unrelated to its operations.

Nigerian Residents Urged To Dump The Parallel Market

However, Binance’s denials have failed to silence critics like Onanuga who still believe that the cryptocurrency exchange is involved in setting the naira’s parallel market exchange rate.

“We have saboteurs. Look at what Binance is doing to our economy. That is why the government moved against Binance. Some people sit down using the cyberspace to dictate even our exchange rate, hijacking the role of the CBN. They just sit down and fix anything they like. It’s a sabotage and we are trying to prevent that from happening henceforth,” the special adviser said.

In addition to singling out Binance, Onanuga expressed his disapproval towards Nigerians who patronize the “illegal” parallel foreign exchange market. Despite its widespread popularity among many Nigerians, Onanuga said he did not understand why his compatriots and the media are relying on the parallel market.

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