Nigeria’s currency is collapsing because of financial mismanagement. Now, two Binance employees have been entangled in the government’s search for scapegoats.
The naira is failing, and Nigerians are looking to alternatives. Yet, the Nigerian government is looking for anything other than its own actions to blame. In doing so, the government has somehow named Binance as the culprit for the naira’s crash and detained two of its employees in the process.
As far as the value of the naira is concerned, it’s time for the Nigerian government to take accountability for years of currency mismanagement. Better yet, it’s time for the Nigerian government to welcome currency competition.
While the naira has been falling for years, tensions escalated back in February after the naira’s most recent crash. At the time, Bayo Onanuga — President Bola Tinubu’s adviser on information and strategy — accused Nigerian citizens of being unpatriotic for trading naira for cryptocurrency. He went on to say, “Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”
