enaira

🇳🇬 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