The Presidency has officially acknowledged the ban on various online cryptocurrency and Foreign Exchange (Forex) platforms operating within Nigeria.
Tope Fasua, the Special Adviser to President Bola Tinubu on Economic Affairs (Office Of the Vice President), confirmed this development on Wednesday.
The decision to block these major online crypto platforms aims to curb the ongoing manipulation of the forex market and the illicit movement of funds, as reported by Naija News.
This action follows a directive from the National Security Adviser, Nuhu Ribadu, to crackdown on currency speculators in the country.
The Nigerian Communications Commission (NCC) relayed the directive to telecommunication companies to block access to the crypto platforms.
The move against these crypto and forex firms was prompted by reports of their exploitation by currency speculators and money launderers to carry out criminal activities.
Among the platforms affected by the ban are Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others.
In a conversation with the cable, Fasua commended the government’s initiative in tackling the depreciation of the naira, particularly through the ban on crypto and forex platforms.
He noted a significant drop in the dollar exchange rate shortly after the ban was implemented, expressing hope for its sustainability.
Fasua emphasized that the floating of the naira has contributed to the escalating cost of living and the economic challenges faced by Nigerians.
He argued that the country