The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, who disclosed this in an interview with the BBC, said Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.

He noted that Binance is not registered in Nigeria and has no presence in the country, yet people used the platform to arbitrarily fix dollar-naira rates, an illegal arrangement, which negatively impacted the value of the local currency.

He further noted that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on its platform.