Weather Report
13.56℃
Monday, May 6
“Most of them source money to finance their transactions from the open market, and that is one of the reasons why Naira is depreciating,’’he said.
They are online platforms with no registration, no restrictions.’’ Gwadabe said that the CBN and the security agencies were already aware of the antics of the platforms and ready to curb their illegal behaviours.
“This is for the Financial Action Task Force (FATF) to understand this market and to know the participants, give them a simple registration,’’he said.
We have seen some illegal economic behaviour, and the CBN and the security agencies are aware, and I am sure they will nip it in the bud,’’ he said.
“As long as Binance and such other platforms continue to be profitable, the Naira will continue to depreciate.
According to him, some peer-to-peer (P2P) platforms operating in the country, where speculators use the dollar to buy USDT, are responsible for the naira’s depreciation.
“People have turned dollar to be an asset; to be a commodity of trade that is why those platforms continue to thrive..
Read Full Story
