enaira

🇳🇬 In 2024, Nigeria expelled Binance P2P and detained two of its executives, accusing them of «Currency manipulation» and claiming they were the sole responsible parties for the fall of the naira.

The political goal was clear: to remove the global giant and choke off access to USDT through bank freezes in order to create a vacuum. The government believed it could force the migration of flows to its own solutions: the eNaira (MNBC) and the cNGN (local stablecoin).
But trust cannot be imposed by decree. The eNaira (launched in 2021) and the cNGN (rolled out at the beginning of 2024) had already been rejected by the public.

Today, in June 2026, the figures leave no room for doubt:

-34%: this is the naira’s drop against the US dollar since January 2024 (it went from 913 to ~1380 NGN/$). Proof that Binance was not the cause of the problem.

0.5%: the ridiculous adoption rate of the eNaira by the population.

~500 million NGN: the paltry amount of cNGN in circulation. Nobody wants a stablecoin indexed to an inflationary local currency.

So what’s the result? The market resisted completely. Nigerians simply moved in large numbers to alternatives like Bybit or to the underground P2P groups on Telegram/WhatsApp in order to keep exchanging USDT.
The economic reality of a people (surviving inflation) will always be stronger than regulatory repression.
$BNB
#Nigeria #Stablecoin #eNaira #Africa

🇳🇬 In 2024, Nigeria expelled Binance P2P and arrested two of its executives, accusing them of “Currency Manipulation” and exclusive responsibility for the fall of the naira.

The political goal was clear: to remove the global giant and choke off access to USDT through bank freezes, creating a vacuum. The government believed it could force the migration of flows to its own solutions: eNaira (MNBC) and cNGN (local stablecoin).
But trust can’t be mandated by decree. eNaira (launched in 2021) and cNGN (rolled out in early 2024) were already shunned by the public.

Today, in June 2026, the figures are undeniable:

-34%: the naira’s decline against the dollar since January 2024 (from 913 to ~1380 NGN/$). Proof that Binance was not the cause of the problem.

0.5%: the negligible adoption rate of eNaira by the population.

~ 500 million NGN: the absurdly low amount of cNGN in circulation. Nobody wants a stablecoin pegged to a locally inflationary currency.

So what happened? The market completely resisted. Nigerians simply migrated en masse to alternatives like Bybit or to the clandestine P2P groups on Telegram/WhatsApp to keep trading USDT.
The economic reality of a people (surviving inflation) will always be stronger than regulatory repression.
$BNB
#Nigeria #Stablecoin #eNaira #Africa