Crypto Enthusiasts Warn Against Naira Trade Ban On Exchanges
Some Nigerian crypto enthusiasts are of the opinion that the country’s decision to ban naira trade on cryptocurrency exchanges is likely to worsen.
Some Nigerian crypto enthusiasts are of the opinion that the country’s decision to ban naira trade on cryptocurrency exchanges is likely to worsen.
Crypto exchange Binance has removed Nigeria’s fiat currency, Naira, from the national currencies it supports on its peer-to-peer (P2P) platform. Meanwhile, the Financial.
Nigeria has taken drastic measures in an attempt to stabilize its plummeting national currency, the naira, by blocking access to major cryptocurrency exchanges.
Naira, a basic monetary unit of Nigeria, now has a “crypto exchange rate” as a competitor. Nigerians have been stockpiling cryptocurrency since 2020.
The Central Bank of Nigeria's latest regulatory update against cryptocurrencies has led to Binance halting deposits in the Nigerian Naira .