The Presidency has officially announced the ban on online cryptocurrency and Foreign Exchange (Forex) platforms in the country.
Tope Fasua, the Special Adviser to President Bola Tinubu on Economic Affairs (Office Of the Vice President), confirmed this decision on Wednesday.
Allub Times reports that the Federal Government took this action to prevent the manipulation of the forex market and the illegal movement of funds by blocking major online crypto platforms.
This move follows a directive from the National Security Adviser, Nuhu Ribadu, to crack down on currency speculators in the country.
The Nigerian Communications Commission (NCC) instructed telecommunication companies to block the crypto platforms as part of this ban.
It was reported that the government has chosen to take action against crypto and forex companies due to concerns that they are being used by currency speculators and money launderers for illegal activities.
Some of the blocked crypto firms are Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken.
Fasua praised the government for addressing the decline of the naira by banning crypto and forex platforms in an interview with the Cable News.
He said: “In less than two hours after the FG banned crypto and Binance, the dollar dropped from N1850 to N1390. I pray this is sustainable.”
Fasua also mentioned that the decision to float the naira has led to an increase in the cost of living and economic difficulties for Nigerians.
The presidential aide believes that the country’s economy is too weak to handle the floating of the naira.
“The economy is too fragile for that. The naira float made prices go up everywhere,” he said.
