Why Naira depreciated against Dollar – BDC operators

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The Association of Bureau De Change Operators of Nigeria, ABCON, has blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the Dollar in the foreign exchange market.

The National President of ABCON, Aminu Gwadabe, disclosed this in an interview with NAN on Wednesday.

He stated that as long as Binance and other platforms remain profitable, the Naira’s depreciation will persist.

He said that the recent wave of depreciation of the Naira was of concern to the BDC operators.

“I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform.

“The P2P is a platform like Binance, where speculators use the Dollar to buy USDT, a stablecoin that is pegged at one to the Dollar.

“As long as Binance and other platforms remain profitable, the Naira will continue to depreciate.

“There are many of them in the system. Binance has been nipped in the bud, but there are still many. They are online platforms with no registration, no restrictions,” he stated.

Recall that Naira slumped against the Dollar in the foreign exchange market despite the Central Bank of Nigeria’s release of an additional $10,000 each to legible BDC operators on Tuesday.

Meanwhile, the Economic and Financial Crime Commission, EFCC, resumed clamping down on Binance and other cryptocurrency platforms to defend the Naira in the FX market.

The anti-graft agency had arraigned Binance and two of its executives before an Abuja High Court over alleged fraud and currency manipulation.

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