Nigerian Users Slam Binance: Exchange Rate Caps Spark Outrage! Currency Crisis: Nigerian traders are up in arms against Binance, accusing the platform of
capping exchange rates for naira to USDT transactions. Rumor has it that the
central bank is behind this move, desperately trying to prop up the ailing local currency.
Naira's Nightmare: The Nigerian naira has been on a downward spiral against the US dollar since mid-2023, hitting rock bottom recently. Despite the Central Bank's efforts, including restrictions on foreign exchange earnings, experts fear the worst is yet to come, with predictions of
NGN2,000 per dollar looming.
Telegram Takes Over: Frustrated by Binance's rate restrictions, some traders are flocking to Telegram, where they can fetch a better deal at NGN1,850 or more for one stablecoin. Mikeal Bernard warns authorities that blocking Binance won't save the day; it's a futile battle against an inevitable decline.
Binance's Defense: In response to the backlash, Binance defends its actions, stating it has the right to weed out rule-breakers. While admitting instructions from the CBN and EFCC to block high-rate transactions, the exchange emphasizes its commitment to fighting market manipulation.
As Nigeria grapples with its currency woes, traders and crypto enthusiasts watch closely, hoping for a brighter future beyond these turbulent times.
