Binance accused of manipulating Nigerian Naira as ‘glitch’ impacts P2P traders
Summary
Bayo Onanuga, adviser to Nigerian President, accused Binance of manipulating exchange rates and called for a ban on crypto in Nigeria. Binance's P2P platform paused trading due to difficulties selling USDT at specific prices. Nigerians turned to alternative platforms like KuCoin and ByBit. Binance plays a crucial role in Nigerian forex trades. CBN has struggled to stabilize the economy amidst rising inflation and currency devaluation. Binance clarified it is not a price discovery platform. Nigeria became a significant P2P market after CBN's 2021 ban on financial institutions facilitating crypto trades. Nigerian trading activity on Binance remains substantial.
