Why Naira is falling again: How Nigerians created alternative Binance to attack Naira value

By Micheal Alo and Ologeh Joseph Chibu

An alternative financial platform aimed at bringing down the Naira has been created by some fraudulent Nigerians, Irohinoodua has learnt.

This is responsible for the devaluation of the Naira in recent days after the initial positive upsurge.

Financial sources said influential Nigerians and Bureau De Change operators are behind the scam which has seen Naira nose dive in the past few days.

Experts said the collapse of the Naira was initially traced to Binance.

After the Nigerian government was alerted, the authorities went after Binance which led to the arrest of the group’s two top Executives one of who later escaped in mysterious circumstances.

The Naira increased in strength after the Nigerian Government with the Central Bank of Nigeria, (CBN) broke the Binance stronghold which had led to continuous manipulation of the Naira.
A source at the CBN said after crossing the Binance hurdle, the government was shocked to discover an alternative platform has been created by desperate dollar hoarders who had made losses during the global currency decline.

In the past two days, the Naira has been on a steady decline

“These criminals have now shifted to BYBIT. This is the platform they now use to manipulate the naira. This is responsible for the downward movement of the Naira in the past few days” the source at the CBN told Irohinoodua

The source said President Bola Ahmed Tinubu is worried about the trend and has been consulting with the CBN to track down the manipulators and bring the Naira back on track.

As at Friday, the Naira has been downgraded to1110 to a dollar while the prospect of further devaluation remains.

A stock broker, Ayodele Sonibare said the Federal Government was expected to intervene before the profiteers pushed the naira downwards again.

He said Nigerian Government should stop any platform using P2P in Nigeria.

The Peer-to-Peer (P2P) trading in the realm of cryptos is a decentralized method that allows individuals to buy and sell digital assets directly with one another. In this system, P2P trading platforms serve as intermediaries, facilitating secure and trust-based transactions. It is subject to manipulation by fraudulent people

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