“If you are familiar with Binance, you are aware that the parallel market and investor and exporter windows are increasingly becoming anchored by Binance trade, which is undesirable. Therefore, we need to take action to halt Binance. It’s a competition, and the only way to stop Binance is if you have liquidity. — Nigeria Bureaux De Change Operators (ABCON) President

Local media sources state that the Nigerian government has been encouraged to forbid Binance’s operations there by the Association of Nigerian Bureaux De Change Operators (ABCON).

The group says that one of the key elements exerting pressure on the Naira is Binance.

Alhaji Aminu Gwadebe, the president of ABCON, stated in an interview:

“If you are familiar with Binance, you are aware that the parallel market and investor and exporter windows are increasingly becoming anchored by Binance trade, which is undesirable.

Therefore, we need to take action to halt Binance. It’s a competition, and the only way to stop Binance is if you have liquidity.

Gwadebe claims that Binance, which processes 1.2 million transactions per second, is the most liquid market.

Therefore, the market is quite liquid, but that is not a terrifying situation because we can overcome it using our local content and quirks.

The ABCON president saw a change in sentiment in the foreign currency market, going from confidence to pessimism. Gwadabe made the argument that a loss in public confidence may occur when pessimism takes hold in market psychology. He stressed the importance of such confidence for any country’s currency.

As a result, he stated, “we are witnessing a situation where optimism is giving way to pessimism; investors are not coming, Nigerians don’t have faith in the market, and we have to look for external finances that are coming in as a quick fix.”

The Naira is under a lot of strain as a result of banks and oil corporations hoarding foreign currency.

In the country of west Africa, Binance is under attack. Local investors have just received a warning from the Securities Exchange Commission (SEC Nigeria) not to use the Binance exchange.

The commission claims that Binance’s operations in the nation are illegal. The company is not registered with the commission, according to the commission, hence it is not governed by their rules.