Sad News: Holiday Over As Naira Hits New Low Amid Binance Departure Following FG’s Threats

Sad News: Holiday Over As Naira Hits New Low Amid Binance Departure Following FG’s Threats

Written By Oshiobugie John

Just days ago, the crypto world was rocked as Binance, one of the globe’s leading cryptocurrency platforms, pulled out of Nigeria, sparking concerns about the country’s cryptocurrency market. Binance’s decision to halt NGN deposits and withdrawals came amidst mounting pressure from the Federal Government, particularly under President Tinubu’s administration. READ THE FULL ARTICLE HERE

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Prior to Binance’s departure, Nigeria’s National Security Adviser, Nuhu Ribadu, had demanded access to a list of Nigerian users from the detained Binance executives. This demand coincided with revelations from the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, indicating that Binance Nigeria had processed a staggering $26 billion in transactions over the past year, involving sources and users that Nigeria struggles to identify adequately.

As of today, the naira is currently trading at a new low, having depreciated significantly since Binance’s exit. While there was a brief uptick in its value on the day of Binance’s departure, recent trends have seen a persistent decline, prompting the question: who will the FG hold responsible next?

March 11, 2024:

• 1 USD ⇛ ₦1,624.732
• 1 GBP ⇛ ₦2,093.391
• 1 EUR ⇛ ₦1,779.318
• 1 CAD ⇛ ₦1,157.890

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