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Nigeria has taken drastic measures in an try and stabilize its falling nationwide foreign money, the Naira, by blocking entry to main cryptocurrency exchanges, the Monetary Occasions studies. The transfer comes because the Nigerian authorities is trying to curb foreign money hypothesis amid the naira's report decline.
JUST IN: 🇳🇬 Nigeria has blocked entry to Coinbase, Binance and Kraken as their nationwide foreign money fell to report lows, the Monetary Occasions studies.
– Bitcoin Journal (@BitcoinMagazine) 22 February 2024
The Nigerian Communications Fee (NCC) late on Wednesday issued orders to telecommunications firms to limit shopper entry to the web sites of main cryptocurrency platforms equivalent to Binance, Coinbase and Kraken. Consequently, customers skilled solely intermittent entry to those websites on Thursday.
Particular Adviser to the President of Nigeria on Data and Technique, Bio Onanuga, advised X {that a} native report of the federal government blocking entry to exchanges was true.
Premium Occasions is correct.
Foreign exchange disaster: Nigerian authorities blocks Binance, OctaFX, Coinbase, others https://t.co/cq6DoxqInj– Bio Onanuga (@aonanuga1956) 22 February 2024
Cryptocurrency exchanges have performed a big position in establishing the unofficial market worth for the Naira, with platforms equivalent to Binance typically serving as benchmarks for native overseas foreign money change charges. The federal government's transfer to dam entry to those platforms is an try to achieve management over the foreign money valuation of the Naira.
“Binance, which is going through regulatory deadlock in lots of nations and inflicting disruption within the foreign money market, shouldn’t be allowed to find out the worth of the Naira, not on its crypto change platform,” Onanuga added. “Crypto should be banned in our nation in any other case this lack of our foreign money will proceed unabated.”
Nigeria's hasty adoption of measures to guard its foreign money, together with shutting down pricing web sites and outlawing some cryptocurrency entities, highlights the challenges the nation faces in managing financial stability. Nigeria's nationwide foreign money has misplaced greater than 70% of its worth since Nigeria's central financial institution eliminated its greenback worth in June.