The Presidency has officially confirmed the prohibition of online cryptocurrency and Foreign Exchange (Forex) platforms operating within the country.
Tope Fasua, the Special Adviser to President Bola Tinubu on Economic Affairs (Office Of the Vice President), affirmed this decision on Wednesday.
The action by the Federal Government aims to curb the continuous manipulation of the forex market and illicit movement of funds, as reported by Naija News.
The recent move follows the directive from the National Security Adviser, Nuhu Ribadu, to crackdown on currency speculators nationwide.
According to reports, the Nigerian Communications Commission (NCC) relayed the directive to telecommunication companies to block access to the crypto platforms.
The decision to take action against the crypto and forex firms stemmed from concerns that currency speculators and money launderers were exploiting them for unlawful activities.
Among the online platforms affected are Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others.
In a statement to the cable, Fasua commended the government’s swift action in addressing the depreciation of the naira, particularly with the ban on crypto and forex platforms.
He remarked, “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 emphasized that the floating of the naira had contributed to the escalation of living costs and the economic challenges currently faced by Nigerians.
He expressed concerns that the country’s economy is too delicate to endure the repercussions of a floating naira.
“The economy is too fragile for that. The naira float made prices go up everywhere,” he highlighted.
