Cryptocurrency exchanges in Nigeria face accessibility issues for users.
Speculation arises about imposed restrictions on crypto sites.
Nigeria’s apex bank allegedly instructs the telecom regulator to suspend access to crypto websites, including Binance, Coinbase, and Kraken.
Binance imposes limits on peer-to-peer transactions trading the USDT/NGN pair.
Restrictions coincide with the naira’s fall to record lows.
Binance, Coinbase, and Kraken become popular for peer-to-peer features after the central bank’s restrictions on local financial institutions.
The recent decline of the naira prompts Binance to impose trade restrictions.
Crypto platforms serve as a hedge against the frequent devaluation of the naira for many users.
The Nigerian government sees restricting access as a move to regain control over the naira’s valuation.
Exchanges play a significant role in determining unofficial exchange rates for the naira.
Platforms like Binance often serve as benchmarks for local foreign exchange rates.
The long-term effects of the recent actions are yet to unfold.
Presidential spokesman confirms Nigeria’s directive to block access to cryptocurrency trading platforms.
Binance assures users of the accessibility of their accounts and the security of their funds.
Users in Nigeria report difficulties accessing Binance, but access is currently restored.
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