WRITTEN BY: CHIOMA MADONNA NDUKWU
In a bold move aimed at addressing Nigeria’s ongoing forex crisis, the Presidency has officially banned several prominent online cryptocurrency and forex platforms, including Binance and AbokiFx.
Tope Fasua, the Special Adviser to President Bola Tinubu on Economic Affairs, announced the ban, citing the government’s commitment to curbing forex market manipulation and illicit financial activities. The decision, communicated to telecommunication companies by the Nigerian Communications Commission (NCC), targets platforms accused of facilitating currency speculation and money laundering. This action follows a directive from the National Security Adviser, Nuhu Ribadu, to crack down on currency speculators to protect the naira’s stability and the economy.
While the ban has already shown positive effects on the exchange rate, concerns linger about potential economic repercussions and increased living costs for Nigerians. Despite these challenges, the government’s decisive action signals a determined effort to restore stability and confidence in Nigeria’s financial landscape amidst economic uncertainties.
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