Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services.
Some Nigerian crypto enthusiasts are of the opinion that the country’s decision to halt naira trading on cryptocurrency exchanges is likely to worsen matters for its volatile currency
In an interview with Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), he stated that the official Nigerian narrative that global cryptocurrency platforms contributed to the naira’s depreciation is impractical.
Ophi said Nigeria can effectively regulate the cryptocurrency industry through a framework introduced by the Nigerian Securities and Exchange Commission (SEC) in 2022.