Binance drops Nigerian naira from P2P platform, gov’t demands $10B compensation

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The removal of the naira by Binance from its P2P market comes amid claims by Nigerian authorities that the platform contributed to its devaluation.

Update March 1, 1:15 UTC: This article has been updated to include details of the Nigerian government’s demand for compensation.

Cryptocurrency trading platform Binance has removed the Nigerian currency, the naira, from its peer-to-peer (P2P) service as the Nigerian government seeks $10 billion in compensation amid a crackdown on the crypto exchange. 

In a BBC interview on March 1, Bayo Onanuga, President Bola Tinubu’s special adviser, revealed the update about the compensation demand as part of efforts to stabilize the local currency. Onanuga said Binance would destroy the Nigerian economy if not stopped because it arbitrarily fixes foreign exchange rates.

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