Summary
Nigeria accuses Binance of enabling crime and manipulating the foreign exchange market, leading to the weakening of the naira. The government has censored Binance and is considering banning other crypto exchanges. Despite this, crypto adoption in Nigeria remains strong. The central bank has introduced new exchange rate calculations to attract foreign investment. Additionally, new crypto regulations and investigations into a naira-based stablecoin are being proposed.
Key Points
1. Nigeria is considering blocking Binance and other crypto exchanges for alleged foreign exchange market manipulation.
2. The Nigerian government accuses Binance of enabling speculators, money launderers, and criminals to commit crimes, which is reportedly weakening the naira.
3. Despite the ban on Binance, crypto adoption in Nigeria continues to grow, with $13 million out of $224 million held by Nigerian citizens in cryptocurrency.