The Association of Bureaux De Change Operators of Nigeria (ABCON) has called upon the Federal Government to enforce a ban on the operations of Binance, citing the exchange as a prominent contributor to the pressure on the Nigerian naira.

Binance is a global online exchange platform that facilitates regular trading of cryptocurrencies, encompassing a broad range of commonly transacted digital assets.

Rising Concerns Over Binance's Liquidity Dominance 

As reported by NAN, Alhaji Aminu Gwadebe, President of ABCON, has expressed concerns regarding Binance's growing dominance in the trading arena. Gwadebe pointed out that Binance has emerged as the preferred platform for investors and exporters, exerting considerable influence over both the Investor and Exporters window and the parallel market.

With an impressive trading volume of 1.2 million transactions per second, Binance stands as the most liquid market. Gwadebe emphasized the importance of countering this dominance through the promotion of local content and the utilization of distinctive market characteristics.

Gwadebe voiced his apprehension concerning the prevailing negativity within the foreign exchange market, noting that it undermines market confidence. He attributed the strain on the naira to various factors, including currency hoarding by banks and oil companies, tuition fee payments, speculative activities, and round-tripping.

In acknowledging the ongoing efforts of the current government in addressing illicit behavior in the foreign exchange market, Gwadebe commended its commitment to the objective of achieving unification.