Tuesday, July 16, 2024

Dollar to naira rate: Nigeria government detain Binance executives over BTC trading, demolish 'illegal' BDC locations for Abuja – BBC.com


Di goment of Nigeria don detain executives of di world biggest crypto-currency Exchange Company, Binance.
Dem detain di executives ova allegations say dem dey 'fix di kontri exchange rate'.
Na two Binance executives dem gbab but full details of wetin go happun to dem neva dey clear.
However, tori be say di two executives of di Binance company arrive Nigeria to come discuss di suspension of di trading platform wit di goment of Nigeria.
But tins no go well as di authority for Nigeria allege say dem dey tamper wit di exchange rate wey dey affect di economy of Nigeria.
Di govnor of di Central Bank of Nigeria Olayemi Cardoso bin tok on Tuesday say about $26 billion bin pass through Binance Nigeria in cryptocurrency trades.
Di CBN govnor tok say many of di trades for cryptocurrency na through "sources and users wey we no fit adequately identify".
Bayo Onanuga wey be tok-tok pesin for to di president bin accuse crypto platforms say na dem dey fix di exchange rate for di kontri and dey cause di fall of di naira against di dollar.
Dis tori of di Binance executives na di latest move by di goment to clampdown on di crypto platform.
Di goment believe say di measure go save di naira wey don dey fall by almost 70% in di last eight months.
Wia dis foto come from, Alamy
For 2021, young Nigerians for social media para afta di former CBN govnor Godwin Emefiele say dem no go eva accept cryptocurrency.
Oga Emefiele say cryptocurrency no be sometin dem go fit to monitor, so therefore dem no fit allow am to become moni for di kontri.
Emefiele tok during one of im appearance for di National Assembly say, di cryptocurrency issue wey unite us today "na internet moni wey most pipo wey dey deal wit am no sabi anytin about am"
Dat time wen Emefiele tok say dem no go dey accept cryptocurrency again, plenty pipo bin para ontop social media.
Binance P2P na anoda gbege wey analyst say e dey affect di Nigeria economy.
P2P na peer-to-peer method of transaction wey dey happun for Binance between merchants wey dey buy and sell for di platform wey third party no go dey involved.
Di way P2P work be say dem go fit sell di USDT for di exchange rate wey dey above di parallel market price for Nigeria.
Na wetin make di nigerian goment begin dey shook eyes for Binance P2P wey authorities tok say na major factor wey dey cause di fall of di naira sake of di actitivities wey dey happun for di platform.
Di federal goment bin first disable di website of Binance and oda cryptocurrency companies as dem begin dia clapdown on several bitcoin trading sites.
Now, Binance wey be di leading company for di crypto world don disable di P2P feature ontop dia platform.
Dis na sake of di clampdown wey di Nigerian goment don launch against di crypto company and users for Nigeria no go fit transact between diasef.
Nigeria goment in dia effort to save di naira dey tackle cryptocurrency platform Binance and Bureau de Change (BDC) operators for di kontri.
Even as dem arrest two operatives of Binance for Nigeria, dem don also scatter di place wey most Bureau di Change operators dey stay for Zone 4 Abuja.
Zone 4 for Abuj be like di forex headquarters butdi Federal Capital Territory Authority(FCTA) don demolish di place.
Director of di FCTA Development and Control, Muktar Usman Galadima tell BBC Pidgin why dem scata di place.
"Di sanitation and demolition exercise wey we dey do for Wuse Zone 4 area na in line wit goment efforts to pursue illegal forex operators for Nigeria.
"Wia pipo dey trade forex under trees and oda unlicensed places, we no go allow am.
We no dey pursue everybodi, wetin we wan make sure be say any transaction wey dey go on for dis area dey legal and goment approve am."
Tok-tok pesin for di Abuja Bureau de Change Operators Association, Mohammed Mustapha Naira say dem no dey against di decision of goment.
"We don tok am plenti times say we go support anytin wey goment dey do to take out illegal traders for our market.
We sef bin don put some measures in place to stop dis illegal traders, but as goment don take di matter more serious, we no dey against.
Last week officials of di Economic and Financial Crimes Commission (EFCC) bin raid Zone 4 and oda Bureau di Change places across di kontri.
Dem arrest some, while some escape di raid and dis no be di first time dis raids dey happun.
For many years, goment afta goment, dis Bureau de Change pipo dey operate peacefully across di kontri, even wen Nigeria currencies neva fall yakata like dis.
Pipo dey patronise dem over di years witout any kasala since wey Nairabto dollar dey around N150 to 200 naira.
Di question pipo dey ask be say why goment dey try pursue and arrest dem now? Dem get hand for di crash of di naira?
CBN Govenor, Yemi Cardoso answer dis question wen im tok say "$26 billion dollars illicit flow pass thru Binance last year"
But e neva still dey clear why goment dey run afta Bureau de Change Operators for di kontri as experts say part of di tins wey dey cause di fall of naira na di economic policy of goment.
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