Nigeria’s Crypto Community Criticizes Government Stance on Exchanges
Nigeria’s crypto community has slammed the recent anti-industry stance of a government that previously lifted the ban on crypto trading.
The majority of the country’s digital asset users and policy watchers have deemed the government has “misplaced priorities” adding that centralized cryptocurrency exchanges are not the cause of the falling currency.
You lot are blaming naira on binance. The reason people are buying dollar on binance, is because they don't have it available at their banks easily.
The reason the banks dont have it is because we have not got enough.
So why dont we have enough?
Well there is too much demand.…
— Sani Yusuf (@saniyusuf) February 20, 2024
In recent weeks, the naira has been in free fall due to recently introduced policies. Its value has plunged 70% to the dollar since June 2023.
This led the government to hint at a broader cryptocurrency ban, which includes centralized exchanges accusing them of market manipulation and sabotage.
For most Nigerian traders, cryptocurrencies like Bitcoin and centralized exchanges are not the reason for the falling naira valuation.
Local traders blamed the current predicament on government corruption, while others pointed to policies adopted by the former administration. The former government allegedly printed an additional 50 to 60 billion naira distributed among states in 2021.
Governor Godwin Obaseki says, last month, President Buhari’s led government printed additional 50 to 60 billion Naira for states to share.
We are in big trouble guys. pic.twitter.com/xIPeHqgxFp
— Thεό Abu (@TheoAbuAgada) April 9, 2021
X user and government critic Kelvin Odanz blames the monetary policies of the ruling party, adding that they are simply “chasing shadows” with Binance.
“Buhari not only
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