Has Central Bank of Nigeria Declared War on Binance P2P Trading?

By Harsh Notariya
3 November 2023,


Speculation arises that the Central Bank of Nigeria is cracking down on Binance's P2P, impacting the popularity of the transaction method.

USDT has fallen by over 30% against the Nigerian naira (NGN) on Binance, which is possibly due to CBN clearing forex backlog with three banks.

Association of Bureaux de Change Operators of Nigeria (ABCON) previously asked for a Binance ban, citing pressure on the Naira.

Has Central Bank of Nigeria Declared War on Binance P2P Trading?

Changpeng Zhao, the co-founder of cryptocurrency exchange Binance, posting a cryptic comment on X (Twitter) has led the community to speculate that the Central Bank of Nigeria (CBN) is cracking down on Binance peer-to-peer (P2P) exchange rates.

The citizens of developing countries often resort to crypto services for ease of transactions. Many believe that this is one of the reasons for the popularity of cryptocurrency in Nigeria.

USDT Falls 30% Against Nigerian Naira (NGN) on Binance

The screenshot below from Binance shows that USDT has fallen by over 30% against the Nigerian currency, the naira (NGN).


Many believe that Naira is getting stronger as the CBN has been clearing its forex backlog.

According to Punch, the CBN has cleared its debts with three banks – Citibank, Stanbic IBTC, and Standard Chartered Bank. The Finance Ministry estimates that the amount of overdue forward payments is $6.7 billion.

Nonetheless, as the USDT is bleeding against the naira, some community members believe that CBN is trading on Binance P2P to force the rate of USDT down further.

An X (Twitter) user wrote:

“Looks like a joke, but if CBN is really selling USDT on Binance P2P to trigger a price dump, then we are in more trouble than we imagined.

“This is what the Apex bank is doing? REALLY??”


In August, the Nigerian regulatory body the Association of Bureaux de Change Operators of Nigeria (ABCON), asked the government to ban Binance, claiming it puts pressure on the naira. ABCON President Aminu Gwadabe said:

“If you know about Binance, you will know that 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.”

Meanwhile, Changpeng Zhao posted a Nigeria flag emoji on X.

Binance Nigeria, CBN, Naira
Changpeng Zhao posts a Nigerian flag emoji on X (Twitter)

https://beincrypto.com/nigeria-central-bank-crackdown-binance-p2p/
Mynd44 nlfpmod

It's been repeatedly announced that the USD in these parallel and black markets is overvalued against the naira but many are ignorant and unpatriotic enough not to take caution. They are being burnt by the second!

Wale Edun and Yemi Cardoso no be una mates. They are real Asiwaju City Boys, brilliant Lasgidi Boys, patriotic and extremely competent Nigerians who sabi how to run the state and the streets!

Never again will the Federal Government of Nigeria use our hard earned forex to defend the naira against USD that's overvalued on the street and on these phoney unregulated crypto financial mania platforms.

There is only going to be one foreign exchange market and it will not be the one someone will sit somewhere and manipulate. You overvalue the USD on your platforms, we dump it on you too!

All the enemies of Nigeria will lose las las. They will always lose. God bless Nigeria for ever!

FreeStuffsNG:


Never again will the Federal Government of Nigeria use our hard earned forex to defend the naira against USD that's overvalued on the street and these phoney unregulated crypto financial mania platforms.

When you're done ingesting the crap that this guy posted, come here and see the real reason dollar went down.

Double post

FreeStuffsNG:
It's been repeatedly announced that the USD in these parallel and black markets is overvalued against the naira but many are ignorant and unpatriotic enough not to take caution. They are being burnt by the second!

Wale Edun and Yemi Cardoso no be una mates. They are real Asiwaju City Boys, brilliant Lasgidi Boys, patriotic and extremely competent Nigerians who sabi how to run the state and the streets!

Never again will the Federal Government of Nigeria use our hard earned forex to defend the naira against USD that's overvalued on the street and on these phoney unregulated crypto financial mania platforms.

There is only going to be one foreign exchange market and it will not be the one someone will sit somewhere and manipulate. You overvalue the USD on your platforms, we dump it on you too!

All the enemies of Nigeria will lose las las. They will always lose. God bless Nigeria for ever!

What is wrong with some of you? Didn't the givt recently borrow to defend the naira?? What other using hard earned money to defend naiata are you talking about?? When you people talk about speculators , abeg who are the people who have excess monies to stack up forex if not the same people in govt who have access to these forex and Carry it around in millions

Nbote:


What is wrong with some of you? Didn't the givt recently borrow to defend the naira?? What other using hard earned money to defend naiata are you talking about?? When you people talk about speculators , abeg who are the people who have excess monies to stack up forex if not the same people in govt who have access to these forex and Carry it around in millions

He's being paid to deceive nairalanders, allow him.

In the industry of lies and propaganda, this OP is a founding father.

Op is paid to deceive people on the internet...

Nbote:


What is wrong with some of you? Didn't the givt recently borrow to defend the naira?? What other using hard earned money to defend naiata are you talking about?? When you people talk about speculators , abeg who are the people who have excess monies to stack up forex if not the same people in govt who have access to these forex and Carry it around in millions

the fool talks as if it is average nigerians that is hoarding the dollars...
so far the corrupt elite continue their practices naira will continue to fall

Leave that Freestuff moniker. He/she is just a classic example of "a thief from my tribe/religion is better than one from your's".

I am glad that people responded to the idiot well. Na mumu wey go loose money go listen to am. Be on code my guys.

There's no need for back and forth, we've seen how this is unfolding... Now NGN has been delisted from Binance and we are left to seek alternative in other exchanges whose P2P still accept naira pair. I recently used Bitget for my P2P and it works so well. We shall survive our government and policies.