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<p>The post <a href="https://coinpedia.org/news/nigerian-authorities-ban-access-to-crypto-exchanges-binance-and-the-like-amid-nairas-free-fall/" rel="noopener noreferrer nofollow">Nigerian Authorities Announces Ban on Crypto Exchanges to Save Naira</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In a significant move to steady <a href="https://coinpedia.org/news/nigeria-central-bank-introduces-cryptocurrency-account-guidelines-for-banks/" rel="noopener noreferrer nofollow">Nigeria’s currency</a>, Naira authorities have put a ban on using cryptocurrency exchanges. The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have told telecom companies to block access to crypto firms, their websites, and apps, aiming to stop what they see as manipulation of the foreign exchange (FX) market.</p>
<h2 class="wp-block-heading" id="h-crypto-lockdown-impact-on-users"><strong>Crypto Lockdown: Impact on Users</strong></h2>
<p>According to the <a href="https://www.premiumtimesng.com/business/670511-forex-crisis-nigerian-govt-blocks-binance-octafx-coinbase-others.html" rel="noopener noreferrer nofollow">news</a> provided by local authorities, the government’s decision means Nigerian users can’t access major crypto platforms like Binance, Kraken, and Coinbase through local networks. Even initial access through some apps was later revoked, intensifying the impact of these measures.</p>
<p><strong>Addressing Concerns </strong></p>
<p>The crackdown on crypto exchanges comes as a response to worries about ongoing FX market manipulation, believed to be causing the rapid decline of the Naira. Government figures, including Bayo Onanuga, the Special Adviser to the President on Information and Strategy, have called for regulatory action, pointing fingers at Binance for setting exchange rates and operating without oversight.</p>
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   <p>The Naira-Dollar manipulators<br><br>I chanced on an X post Tuesday night by one Brother Bernard <a href="https://twitter.com/Mikael?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Mikael</a> C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent.<br><br>He disclosed that token sellers… <a href="https://t.co/c9YBjawJMz" rel="noopener noreferrer nofollow">pic.twitter.com/c9YBjawJMz</a></p>— Bayo Onanuga (@aonanuga1956) <a href="https://twitter.com/aonanuga1956/status/1760304339988484297?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a>
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<h2 class="wp-block-heading" id="h-changing-policies-and-a-cloudy-future">Changing Policies and a Cloudy Future</h2>
<p>This move sharply contrasts with just over a year ago when the CBN banned crypto transactions involving banks, exchanges, and individuals. Yet, surprisingly, in December 2023, the CBN lifted these restrictions on banks facilitating cryptocurrency transactions.</p>
<p>The future of digital asset adoption in Nigeria is now uncertain, leaving investors and crypto enthusiasts in limbo. While the government aims to address concerns about market manipulation and currency stability, this strict move may pose a challenge for the country’s crypto industry.</p>
<p>Could This Situation be Repeated? <a href="https://coinpedia.org/news/no-full-ban-to-crypto-in-china-90-billion-trade-on-binance-tells-a-new-tale/" rel="noopener noreferrer nofollow">China Crypto Ban Breached? $90 Billion Traded Despite Restrictions</a></p>
<h2 class="wp-block-heading" id="h-striking-a-smart-balance">Striking a Smart Balance</h2>
<p>In the government’s effort to stabilize the Naira and tackle economic crises, the ban on accessing crypto exchanges is viewed as a necessary step. However, it leaves the fate of Nigeria’s crypto industry uncertain, with users hoping for a resolution that would restore access to cryptocurrency exchanges.</p>
<p><strong>The unfolding scenario keeps stakeholders on edge – is that harmful? We’ll have to see. </strong></p>

Nigerian Authorities Announces Ban on Crypto Exchanges to Save Naira

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