Presidency: Clampdown on crypto platforms paying off — naira strengthening

The presidency says the clampdown on some cryptocurrency trading platforms is “yielding fruits” for the stability of the naira.

Ajuri Ngelale, the special adviser to the president on media and publicity, spoke at the State House in Abuja on Friday while addressing journalists.

Ngelale said the federal government is determined to end the fraud in cryptocurrency trading and the foreign exchange market.

The presidential spokesperson said President Bola Tinubu has approved a series of interventions for the “mass strengthening of the naira against all other global currencies”.

Ngelale urged Nigerians to report any form of sharp practice in the foreign exchange market and buy made-in-Nigeria products to strengthen the naira.

“We want every naira and kobo we earn to be more valuable, not just here but when we travel abroad,” he said.

“Mr President appeals to Nigerians to actively and intentionally make the decision, everyday to patronise made-in-Nigeria products and services across the board.

“He also wants to ensure that Nigerians fully understand that the momentum that we are now seeing, with respect to the strengthening of our currency, will not slow down.

“The efforts that Mr President has put in place with collaboration with other agencies of government, as well as the Central Bank of Nigeria, in dealing decisively with sharp practices on certain cryptocurrency trading platforms and sharp practices within the parallel market of the foreign exchange ecosystem are now yielding fruits.”

Recently, the federal government accused cryptocurrency trading platforms of manipulating the value of the naira in the forex market.

The government has since launched a clampdown on the trading platforms.

Media reports said the federal government directed the Nigerian Communications Commission (NCC) to block access to Binance and related platforms.

Recently, two of Binance’s top executives – Nadeem Anjarwalla, 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, 39-year-old US citizen and Binance’s head of financial crime compliance — were detained by the Nigerian authorities for weeks.

Subsequently, the federal high court in Abuja ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform.