NewStats: 3,263,463 , 8,180,203 topics. Date: Friday, 06 June 2025 at 02:53 AM 591l32

“It’s a competition. We need to ban binance and the only way to do so is if you have liquidity.”

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the federal government to ban binance operation in the country.

Binance is an online exchange where s can trade cryptocurrencies. It s hundreds of the most commonly traded cryptocurrencies.

According to him, Binance is one of many factors putting pressure on the naira.

The Securities and Exchange Commission (SEC) of Nigeria had in June, issued a statement emphasising that Binance Nigeria was not ed or regulated by SEC, making its operations illegal.

Mr 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. It’s a competition. We need to ban binance and the only way to do so is if you have liquidity.”

He stressed, “As I speak, binance is the most liquid market. They do 1.2 million transactions per second. So it’s a very liquid market but that is not a scary status, we can break it through our local content and peculiarities.”

The ABCON president noted that optimism was giving way to pessimism in Nigeria’s foreign exchange market.

Mr Gwadabe pointed out that when pessimism overrode the psychology of the market, it would lead to loss of confidence.

“So we are seeing a scenario where optimism is giving way to pessimism. Investors are not coming. Nigerians don’t have confidence in the market and we have to look for external finances that are coming in as a quick fix,” He suggested.

(NAN)

https://gazettengr.com/abcon-bureaux-de-change-tell-fg-to-ban-binance-to-save-naira/

Abana ni

For real?

When dem ban Aboki FX, wetin happened.

So everyone can go to them for dollar until demand pushes price to N2000/$ right. Useless people.
It is like rice farmers coming out to tell FG to ban corn so demand for rice and its price can remain high.

Yahoo boys go cry blood

They want the government to ban the platform that some Nigerians dey use to survive. Bureaux de change are the ones that the government should ban.

Selfish interest

Nigerians are their own worst enemy. Tuehh

Instead of these fools to digitize their operations, they want to ban Binance.
Brain-dead fools.

Imagine BDCs not having an app to change funds even if it is payment after confirmation. Are they not ashamed?

As big as Sulah BDC is, they don't have an app to trade currencies, meanwhile small boys like Kuda and Co are doing well with their online banking apps.

Hehehe.

They will kill everybody for your sake,no be only ban,na banish .

Greedy people.

Greedy people evrywhere,am not into binance stuff but govt should also ban bank from selling dollars to BDC,they are killing our naira,bank should sell directly to people through their ,this will reduce demand for dollar.

Wrong move

To save naira or to save them?

Out of no sense, make dem dey play

Ban binnace nko, banger ABCON ni

How true is this? What percentage of the forex market is controlled by Binance? I am sure it is minute.

However, it is obviously affecting the BDC's. The Yahoo boys who prefer anonymity when doing business get a lot of their cash through crypto or gift cards today, denying BDC's of this segment of customers.

Anti competition. Some businesses can't stand competition in Nigeria.

I think they have a point here.

Fix the economy

$1 Is almost 900

Banana ni

Bianace is now our FX problem?

You want them to ban your competition instead to innovate?

They used their political influence to limit those who get BDC licence... Now Binance has created a level playing ground they can no longer compete they are trying to use same political power to ban Binance

Truth is you can't ban Binance people would use VPN to by any ban like they did Twitter

Nawa

Is Binance really the problem, this call for socialism is not good at all, Nigeria FX Operators don't even know where their problem lies.

If we all go to the government for Forex then the price will also remain high because demand will skyrocket.

The solution is for us to reduce our importation power and channel that energy to local production.

So it's no longer Abokifx, Binance is now the problem huh? This is what you get when you have clueless people in leadership positions.

Create enabling business environment, provide power, consume and export naija goods etc. These and many more are things that strengthen the naira naturally.

These illiterates are looking for another excuse for their incompetence

NB: Unfortunately for you unfortunate people, you can't ban Binance, that's the power of P2P

But even binance rate is cheaper than their own rate.

don't

Thunder fire all of them

Binance that helped me then I need dollars that you people where hoarding.

It's a lie.

You want Nigerians to depend on you idiots.

Lol ok