The Nigerian government has accused cryptocurrency exchange Binance of manipulating the naira (NGN) exchange rate and demanded $10 billion in compensation.
Authorities claim that Binance, using speculative schemes, influenced the growth of foreign exchange rates in the country, which led to a fall of almost 70% in a few months.
An advisor to the Nigerian President, Bayo Onanuga, said that Binance’s activities have negatively impacted the country’s economy: “The Binance platform employs people who fix the [NGN] exchange rate, which is quickly affecting the Nigerian economy at a time when the country is trying to stabilize it.” “We are asking for about $10 billion in compensation for damage that has almost ruined our economy in a very short time,” said an adviser to the Nigerian president.
