By Tony Obiechina, Abuja
Binance Nigeria has announced that it will discontinue all its Naira services from March 8 following the clampdown on the company by the federal government.
The Federal government had slammed a $10 billion fine on the company over foreign exchange deals, according to a presidential aide, Bayo Onanuga.
Onanuga claimed that Binance is not registered in Nigeria and has no presence in the country.
The company, which is the world’s largest crypto platform, said it will stop naira deposits after March 5, while withdrawals will end on March 8.
“Any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” the exchange said in a statement on Tuesday.
Binance also revealed that it will delist all existing Naira spot trading pairs on March 7, adding the naira will be removed from the list of supported payment options on Binance Pay.
At the last Monetary Policy Meeting of the Central Bank of Nigeria, the apex bank governor, Olayemi Cardoso accused Binance of executing $26bn transaction which he described as “suspicious.”
“In the case of Binance, in the last one year alone, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify. There is a lot that is going on now as a result of the collaboration between the different agencies which includes the Economic and Financial Crimes Commission, the Police and the Office of the National Security Adviser,” Cardoso said.
Last week, two Binance executives were held by the Nigerian authorities over the matter on directives of the National Security Adviser, Nuhu Ribadu.
Meanwhile, economic and financial experts have advised Nigerians on some viable investment options to consider following the Federal Government clampdown on Binance.
The experts identified the different investment options in separate interviews with the News Agency of Nigeria (NAN) on Tuesday.
A former banker, Mr Yomi Babalola, said the investment opportunities or options available to Nigerians depend on the risk level and capacity of individuals.
Babalola, however, stated that the High-Interest Savings Account (HISA), a form of short-term investment option, was very important as it could serve as a reserve for liquidity purposes.
“What it means is that you want to have a certain form of investment that can be easily liquidated to cash, especially in case of emergencies.
“To use a high-interest savings account, you can make use of Fintech Savings Apps such as Piggyvest, and Cowrywise,” he said.
He also identified real estate as another investment option that could be considered.
“Land always appreciates – this is something realtors do talk about regularly and they are not lying.
“Real estate is a very profitable and solid form of investment you can delve into because as long as humans exist, there will always be a need for land banking.
“But I must be honest with you, unlike HISA and stocks, real estate is really capital intensive,” he said.
The ex-banker also mentioned personal business as another form of investment.
According to him, this is one option not many people look at when they want to invest their money.
“But I can tell you that it’s a great option to have in your asset portfolio, especially if you know what you’re doing.
“One of the benefits of investing in your business is that it gives you the option of good and steady cash flow.
“Having an investment that yields consistent cash flow is a great asset to have.
“This is because, depending on the business, it can begin to yield returns almost immediately you begin and it also has huge growth potential,” Babalola said.
