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Nigerians fear new crypto crackdown as currency drops 15% and officials blame more than Binance
Nigeria’s crypto investors are feeling a sense of déjà vu.
And it’s not good.
The country’s fiat currency, the naira, has lost 15% of its value against the USA dollar in the last seven days.
The last time this happened, Nigeria’s government banned the platform, arrested two of its executives, and charged them with money laundering and tax evasion.
Once again, the authorities are blaming crypto peer-to-peer trading for the fall despite Binance’s forced exit from the market last month, according to Nigerian officials close to the situation.
Nigeria’s Economic and Financial Crimes Commission, the country’s anti-corruption police, said it has discovered alleged foreign exchange racketeering that is “worse than Binance.”
They call them P2P and all of that [and] we noticed in the last two days that dollars have started appreciating,”
