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Clampdown on crypto platforms paying off, naira strengthening — Presidency

 

The presidency says the clampdown on some cryptocurrency
trading platforms is “yielding fruits” for the stability of the naira.

 

Ajuri Ngelale, the special adviser to the president on media
and publicity, spoke at the State House in Abuja on Friday while addressing
journalists.

 

Ngelale said the federal government is determined to end the
fraud in cryptocurrency trading and the foreign exchange market.

 

The presidential spokesperson said President Bola Tinubu has
approved a series of interventions for the “mass strengthening of the naira
against all other global currencies”.

 

Ngelale urged Nigerians to report any form of sharp practice
in the foreign exchange market and buy made-in-Nigeria products to strengthen
the naira.

 

“We want every naira and kobo we earn to be more valuable,
not just here but when we travel abroad,” he said.

 

“Mr President appeals to Nigerians to actively and
intentionally make the decision, everyday to patronise made-in-Nigeria products
and services across the board.

 

“He also wants to ensure that Nigerians fully understand
that the momentum that we are now seeing, with respect to the strengthening of
our currency, will not slow down.

 

“The efforts that Mr President has put in place with
collaboration with other agencies of government, as well as the Central Bank of
Nigeria, in dealing decisively with sharp practices on certain cryptocurrency
trading platforms and sharp practices within the parallel market of the foreign
exchange ecosystem are now yielding fruits.”

 

Recently, the federal government accused cryptocurrency
trading platforms of manipulating the value of the naira in the forex market.

 

The government has since launched a clampdown on the trading
platforms.

 

Media reports said the federal government directed the
Nigerian Communications Commission (NCC) to block access to Binance and related
platforms.

 

Recently, two of Binance’s top executives – Nadeem
Anjarwalla, 37-year-old British-Kenyan and Binance’s regional manager for
Africa; and Tigran Gambaryan, 39-year-old US citizen and Binance’s head of
financial crime compliance — were detained by the Nigerian authorities for
weeks.

 

Subsequently, the federal high court in Abuja ordered
Binance Holdings Limited to provide the Economic and Financial Crimes
Commission (EFCC) with the comprehensive data or information of all persons
from Nigeria trading on its platform.

 

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