The Nigerian Communications Commission (NCC) directive to block access to cryptocurrency websites was affected yesterday by telecommunications companies.
Recall that the Central Bank of Nigeria in December 2023 issued a guideline to govern the digital assets operators’ activities.
The government reversed a ban on crypto transactions, in place to tighten up money laundering and terrorism financing standards.
According to a source in the telecoms companies, this is to control some of the largest cryptocurrency exchanges as the government tries to crack down on currency speculation while the Naira depreciates.
The telecoms companies late Wednesday confirmed the restriction of consumers from accessing the websites of companies like Binance, coinbase and Krake
The special adviser on Information and Strategy to President Bola Ahmed Tinubu, Bayo Onanuga, on Wednesday, said on X that Binance is setting the exchange rate for Nigeria and hijacking the central Bank of Nigeria’s role as the main currency rate setter.
He further said that crypto should be banned in our country or else this bleeding of our currency will continue unabated.
