The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for the cessation of cryptocurrency exchange company Binance’s operations in the country, citing its impact on the Nigerian naira.
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In a recent interview with NAN in Lagos, Aminu Gwadabe, the President of ABCON, highlighted Binance as a contributing factor to the pressure on the national currency.
The Securities and Exchange Commission (SEC) of Nigeria stated in June 2023 that Binance Nigeria was not registered, rendering its operations in the country illegal.
Gwadabe explained, “Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate. So, we have to do something that can stop Binance. It’s a competition; we need to ban Binance, and the only way to do so is if we have liquidity.”
He further noted that Binance currently holds a significant share of the market, with around 1.2 million transactions per second, making it a highly liquid market. However, Gwadabe expressed the belief that Nigeria can develop its local content and distinctive market traits to challenge Binance’s dominance.
The ABCON President emphasized that the foreign exchange market situation has shifted from optimism to pessimism, causing a loss of confidence among citizens. He attributed the pressure on the naira to foreign exchange hoarding by banks and oil companies, as well as activities like school fee payments, round-tripping, and speculative behaviors.
Gwadabe also discussed the recent removal of petrol subsidies and its implications. He stated that this move would enable the Central Bank of Nigeria (CBN) to observe remittances from the Nigerian National Petroleum Corporation (NNPCL) Limited, leading to increased liquidity and inflows that could aid in naira stabilization.
Responding to reports about a reduction in the number of Bureaux De Change (BDC) dealers, Gwadabe clarified that while the CBN is reviewing the BDC register, no official list of licensed or unlicensed entities has been issued.
ABCON has engaged with the CBN to ensure its members understand the operational conditions and obligations they must adhere to, including rendering returns to the central bank.
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