---
title: "Nigeria’s Bank Association Wants Binance Out Over Added Strain to Naira"
url: https://diffcoin.com/nigerias-bank-association-wants-binance-out-over-added-strain-to-naira/
description: "Nigeria's Association of Bureaux De Change Operators, cites Binance's influence as a potential stressor on the naira, pushing for its ban."
published: 2023-08-09
updated: 2023-08-09
author: "Mila"
site: "Diffcoin"
---

# Nigeria’s Bank Association Wants Binance Out Over Added Strain to Naira

#### Share this article

The Association of Bureaux De Change Operators of Nigeria (ABCON) expressed concerns on August 9 over the cryptocurrency giant, Binance’s “unfortunate” influence on the nation’s economy. A strong appeal was made to the Federal Government, urging them to consider a ban on Binance’s operations within Nigeria, the *Nairametrics* reported on August 9:

> “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 you have liquidity.”

Alhaji Aminu Gwadebe, ABCON’s President, underscored the cryptocurrency exchange’s powerful trading statistics: a staggering 1.2 million transactions per second. Such dominance, Gwadebe asserts, makes Binance a pivotal player, impacting both the formal Investor and Exporters window and the informal, or parallel, market.

In his remarks, Gwadebe noted:

> “Spike and volatility did not start now, it’s something the present government inherited and has gone a long way in checkmating illegal behaviours around foreign exchange market and that is the objective of the unification.’’

Optimism seems to be waning in the face of these challenges as market trust dwindles. As Gwadebe highlighted, confidence in a nation’s currency is paramount. Factors like foreign exchange hoarding by banks and large oil entities only compound the pressure on the naira, the report noted.

This is not the first time Binance was in Nigeria’s crosshairs. The exchange had to delist multiple fiat-crypto pairs in Nigera in 2021 following the country’s ban on crypto bank payments, closing bank accounts of citizen’s who transacted with crypto:

> “All [financial institutions] are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure such accounts are close immediately.’

One year later, Nigeria launches its eNaira central bank digital currency in order to advance “the boundaries of the payments system to make financial transactions easier and seamless.”

#### Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

[Source link](https://cryptobriefing.com/nigerias-bank-association-wants-binance/?utm_source=feed&utm_medium=rss)