Changpeng Zhao, the co-founder of cryptocurrency exchange Binance, posting a cryptic comment on X (Twitter) has led the community to speculate that the Central Bank of Nigeria (CBN) is cracking down on Binance peer-to-peer (P2P) exchange rates.

The citizens of developing countries often resort to crypto services for ease of transactions. Many believe that this is one of the reasons for the popularity of cryptocurrency in Nigeria.

USDT Falls 30% Against Nigerian Naira (NGN) on Binance

The screenshot below from Binance shows that USDT has fallen by over 30% against the Nigerian currency, the naira (NGN). 

Read more: 8 Best Crypto Wallets to Store Tether (USDT)

Many believe that Naira is getting stronger as the CBN has been clearing its forex backlog.

According to Punch, the CBN has cleared its debts with three banks – Citibank, Stanbic IBTC, and Standard Chartered Bank. The Finance Ministry estimates that the amount of overdue forward payments is $6.7 billion.

Nonetheless, as the USDT is bleeding against the naira, some community members believe that CBN is trading on Binance P2P to force the rate of USDT down further.

Read more: 10 Best P2P Crypto Exchanges You Need To Know About in 2023

An X (Twitter) user

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Author: Harsh Notariya

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