Binance, a prominent cryptocurrency trading platform, has announced its decision to terminate all Naira services by March 8, 2024. This move follows increased scrutiny from Nigerian regulators targeting its operations and officials.
The decision comes in the wake of a call from Mr. Bayo Onanuga, the special adviser on Information & Strategy to President Bola Tinubu, urging action from the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) against platforms allegedly manipulating the value of the Naira through cryptocurrency exchanges.
Onanuga advocated for the outlawing of cryptocurrency channels in Nigeria, citing concerns over the continued devaluation of the nation’s currency. In a statement posted on his X handle, he expressed his belief that such measures were necessary to stem the “bleeding” of the currency.
In a message addressed to its users on Tuesday, Binance informed them of the discontinuation of Naira deposits effective March 5, 2024. However, the company assured users that it would convert all NGN balances in their accounts to USDT.
The statement emphasized that users should withdraw their NGN funds, trade their assets, or convert them into cryptocurrency before the cessation of Naira services.
