Summary
TLDR: Nigeria blocks access to major cryptocurrency exchanges like Binance, Coinbase, and Kraken in an attempt to stabilize plummeting national currency, the naira. Government aims to crack down on currency speculation amid record lows for the naira. Exchanges like Binance have been setting unofficial market prices for the naira. Nigeria’s drastic measures highlight challenges in managing economic stability.
Key Points
1. The Nigerian government has blocked access to major cryptocurrency exchanges such as Binance, Coinbase, and Kraken in an attempt to stabilize the plummeting national currency, the naira.
2. The Nigerian Communications Commission (NCC) issued orders to restrict consumer access to these cryptocurrency platforms, leading to intermittent access for consumers.
3. Cryptocurrency exchanges have been influential in establishing unofficial market prices for the naira, prompting the government to take drastic measures to regain control over the currency valuation and prevent further devaluation.