Binance has implemented a maximum selling price restriction for Tether (USDT) tokens on its peer-to-peer (P2P) platform in Nigeria to adhere to local regulatory requirements.
Currently, traders are unable to sell USDT above the set limit of 1,802 naira per USDT. The exchange has assured Nigerian users of its commitment to collaborating closely with local authorities, legislators, and regulators to enforce compliance with this price limit.
Consequently, accounts of traders attempting to exceed this cap have been suspended. As a result, affected traders are seeking alternative exchanges where they can trade USDT without such limitations.
The Office of the National Security Adviser in Nigeria, in collaboration with the Central Bank of Nigeria (CBN), has launched a united campaign to address forex speculation and address the challenges impacting the nation’s economic stability.
This joint effort underscores the substantial impact of speculators, operating within and outside Nigeria via various channels, on the devaluation of the naira, worsening inflation, and causing economic turbulence in the country.
The exchange rate surged from approximately 700 naira per dollar to an unprecedented peak of over 1,500 naira per dollar.
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