In a recent statement, Bayo Onanuga, the Presidential spokesman, voiced concerns about the potential negative impact of cryptocurrency trading platform Binance on the Nigerian economy. Onanuga warned that, if left unchecked, Binance could severely damage the country's economic stability by arbitrarily manipulating foreign exchange rates.

During a televised program, Onanuga expressed his dissatisfaction, stating, "If we don't take action against Binance, it could spell disaster for our economy. They have been known to manipulate exchange rates at their whim." He further highlighted the government's decision to intervene, citing the need to thwart the detrimental effects of such actions on the economy.

Onanuga emphasized the presence of individuals using online platforms to exert influence over exchange rates, effectively undermining the authority of the Central Bank of Nigeria (CBN). He described these activities as acts of sabotage and underscored the government's commitment to preventing such occurrences in the future.