By Biodun Busari

The Central Bank of Nigeria (CBN) has declared a clampdown on cryptocurrency firm, Binance, in recent days, with its drastic measures to save the soul of the naira, Nigeria’s local currency to strengthen the economy.

In one of the CBN’s moves, Binance has been fingered as the culprit dealing a huge blow to the naira due to its illicit operations.

Read Also: Binance suspends Naira services, exits Nigeria

In this article, Vanguard discusses some of the major happenings between the CBN and Binance.

21st February 2024 – Call for Binance ban

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, called for the suspension of Binance and other cryptocurrency operations in Nigeria.  

Onanuga urged the nation’s anti-graft agency, Economic and Financial Crimes Commission (EFCC), and the CBN to check them saying they were trying to manipulate our local currency. 

27th February 2024 – $26bn unidentified inflows

The CBN Governor, Dr Olayemi Cardoso, said that unknown sources moved $26 billion in the last year.

Cardoso said this while addressing journalists after the Monetary Policy Committee (MPC) meeting in Abuja last Tuesday.

28th February 2024 – Binance executives arrested

The Office of the National Security Adviser (NSA), Nuhu Ribadu, detained two foreign executives of Binance upon their arrival in Nigeria following the FG crackdown on cryptocurrency exchange. 

It was learnt that the FG obtained a court warrant to detain the men – an American and a British-Pakistani for 12 days, pending further investigation by the EFCC.

1st March 2024 – FG demanded $10bn compensation

The federal government demanded about $10bn in compensation from Binance over its manipulation of foreign exchange rates through currency speculation and rate-fixing.

According to the presidential aide, Onanuga who disclosed this said the crypto firm, benefitting from illegal transactions has seen the naira lose nearly 70 per cent of its value in recent months.

4th March 2024 – House of Reps summoned Binance executive 

The House of Representatives summoned the Chief Executive of Binance, Richard Teng, over an alleged money laundering, illegal operations, financial terrorism, and tax evasion petition from the Niger Delta Youth Council World Wide, Empowerment for Unemployed Youth Initiative, and other civil society organisations.

Teng, however, did not appear before the House of Reps Committee on Financial Crimes, but his lawyer Senator Ihenyen who appeared before the federal lawmakers said he could not come because he was in custody.

5th March 2024 – Binance pulled out of Nigeria

Binance pulled its services out of Nigeria, asking Nigerians trading on its platform to remove all their naira assets, as it indicated that it is terminating its services in the country.

The crypto company announced on Tuesday, that the FG through the CBN has clamped down on it in recent days over the battle to save the naira.

In response to the harsh actions meted out against it by the government, Binance informed users to trade their naira assets or convert them into crypto before the discontinuation of its services in the country.