Cryptocurrency

Bank AI

<a href="https://bitcoinworld.co.in/nigeria-blocks-access-to-coinbase-binance-and-kraken-as-naira-falls-to-record-lows/" title="Nigeria Blocks Access To Coinbase, Binance And Kraken As Naira Falls To Record Lows" rel="nofollow"></a>
Nigeria has taken drastic measures in an attempt to stabilize its plummeting national currency, the naira, by blocking access to major cryptocurrency exchanges like Coinbase, Binance, and Kraken. 
This move comes as the Nigerian government attempts to crack down on currency speculation amid record lows for the naira. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/nigerian-currency-depreciation-central-bank-of-nigeria-cbn-head-reaffirms-commitment-to-reviving-confidence-in-the-economy/" aria-label="“Nigerian Currency Depreciation: Central Bank Of Nigeria (CBN) Head Reaffirms Commitment to Reviving Confidence in the Economy” (Edit)">Nigerian Currency Depreciation: Central Bank Of Nigeria (CBN) Head Reaffirms Commitment to Reviving Confidence in the Economy</a> 
The <a href="https://ncc.gov.ng/">Nigerian Communications Commission</a> (NCC) issued orders to telecoms companies late on Wednesday to restrict consumer access to websites of major cryptocurrency platforms like Binance, Coinbase, and Kraken.&nbsp; 
As a result, consumers experienced only intermittent access to these sites on Thursday. 
Bayo Onanuga, Special Adviser Information and Strategy to the President of Nigeria, took to X to say a local report of the government blocking access to the exchanges was correct. 
Cryptocurrency exchanges have played a big role in establishing unofficial market prices for the naira, with platforms like Binance often serving as benchmarks for local foreign currency exchange rates.&nbsp; 
The government’s move to block access to these platforms is an effort to regain control over the currency valuation of the naira. 
“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform,” Onanuga further stated.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/binance-adopts-usdt-price-cap-to-align-with-local-rules-in-nigeria/" aria-label="“Binance Adopts USDT Price Cap To Align With Local Rules In Nigeria” (Edit)">Binance Adopts USDT Price Cap To Align With Local Rules In Nigeria</a> 
“Crypto should be banned in our country or else this bleeding of our currency will continue unabated.” 
Nigeria’s adoption of rash methods to defend its currency, including shutting down price-setting websites and declaring certain cryptocurrency entities illegal, highlights the challenges the country faces in managing its economic stability.&nbsp; 
Nigeria’s national currency has lost over 70% of its value since their central bank lifted its dollar peg in June. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
&nbsp; 
#Binance #WRITE2EARN 
The post <a href="https://bitcoinworld.co.in/nigeria-blocks-access-to-coinbase-binance-and-kraken-as-naira-falls-to-record-lows/">Nigeria Blocks Access To Coinbase, Binance And Kraken As Naira Falls To Record Lows</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Nigeria Blocks Access To Coinbase, Binance And Kraken As Naira Falls To Record Lows

ItsBitcoinWorld

Other articles published on Feb 23, 2024

Bitcoin mempool transactions hit record high amid inscription surge

XRP Lawyer John Deaton In Game Changing Lead Against Sen. Elizabeth Warren

Donald Trump Says More People are Starting to Like Bitcoin

Polygon Builds Momentum For Huge Bull Run, Will MATIC Surge?

This Indicator with Strong Track Record Flashes ‘Sell’ for Cardano’s ADA

Ripple (XRP) & Cardano (ADA) holders at war but both seem to agree on Pushd (PUSHD) presale as bo...

Join our free newsletter for daily crypto updates!