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July 25, 2024

Naira vs Dollar: Nigerian govt eyes stricter sanctions on Cryto businesses

The Nigerian government plans to impose stricter rules on cryptocurrency platforms to defeat the Naira against the dollar in the foreign exchange market.

The development comes as the Director General of Nigeria Securities and Exchange, Emotomtimi Agama, will meet with local and international crypto exchanges on Monday.

Blockchain Industry Coordinating Committee of Nigeria, BICCoN, chair, Lucky Uwakwe disclosed this in a statement.

The planned regulations became necessary after the Nigerian government lifted the suspension on cryptocurrency in December 2023.

“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector,” he said.

The meeting comes amid the continued clampdown on Binance, OctaFX, and other cryptocurrency platforms based on the undermining of Naira in the forex market.

Recall that barely five days ago, the Central Bank of Nigeria stopped OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.

Governor of CBN, Olayemi Cardoso, in a briefing at the 293rd meeting of the Monetary Policy Committee, said $26 billion was funnelled through cryptocurrency without a trace.


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