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Naira: Why FG May Ask For $10bn Compensation From Binance

(AFRICAN EXAMINER) – The Federal Government may ask for over $10bn from Binance as a penalty as part of plans to salvage the value of the naira.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this on Friday during an interview with the BBC.

According to Onanuga, Binance profited substantially from its “illegal transactions” in the county while Nigeria was at the receiving end.

He also alleged that the company is not registered in Nigeria and does not have any presence in the country but some users used the platform to arbitrarily determine dollar-naira rates which led to a sharp decrease in the value of the naira.

Onanuga said: “I said compensation is being discussed and a fine is being contemplated. I used the word ‘May.”

Short URL: https://www.africanexaminer.com/?p=94222

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