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Some cryptocurrency exchange in Nigeria faced availability issues for substance abuser , instigate speculation of imposed restrictions on crypto situation , the Financial Timesreported .
On Wednesday , local mediareportedthat Nigeria ’s telecom regulator , the Nigerian Communications Commission ( NCC ) , welcome instructions from the country ’s apex bank to suspend access to crypto site , including Binance , Coinbase and Kraken . This exploitation pass a day after Binance visit limits on peer - to - peer transaction trading the USDT / NGN brace , coincide with the naira ’s fall to criminal record lows , per anotherreport .
Crypto substitution platforms , peculiarly Binance , became popular for their peer - to - peer features , enabling lineal trade after the cardinal coin bank forbid local fiscal institutions from facilitating such transactions three days ago . And though the central bank recentlyliftedrestrictions on banks and considered granting permit to crypto companies for sound crypto transactions , the late extortionate decline of the naira to unprecedented low ( just about $ 1 to ~N1,900 ) — partly attributed by the administration to crypto - trading platforms — prompted Binance to impose trade limitation on Tuesday .
For many crypto user in Nigerians , Binance and other chopine serve as a hedge against the frequent devaluation of the naira for many cryptocurrency user in the country . But for the Nigerian government , its recent decision to restrict access code to these platforms is seen as a move to regain control over the valuation of the naira .
These exchange have played a significant theatrical role in determining unofficial exchange rates for the naira , with platform like Binance often serve as benchmarks for local strange telephone exchange rates . By limiting admission to these chopine , the government aims to swan authority over the naira ’s valuation and steady its berth in the financial food market . The long - term effects of the authorities ’s late actions , however , are yet to stretch .
harmonize toBloomberg , a presidential spokesman confirmed Nigeria ’s issuing of a directive apprise telecoms and net inspection and repair provider to obstruct entree to cryptocurrency trading program . Binance did not explicitly acknowledge that it was impress by this directive ; however , it assured user of the accessibility of their accounts and the security measure of their stock .
“ We are cognisant that some users are have takings access binance.com , along with other platform in the industry . Only users attempting to get at the website are impacted , although the app is currently available , ” Binance stated .
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While several Binance user in Nigeria reported difficulties accessing the site in the other hours of Thursday , it appears that the directive to qualify access has been temporarily halted , as Binance and other cryptocurrency trading platforms , including Kraken and Coinbase , are currently accessible .
Nigeria follows China ’s footsteps in piloting digital currency
