Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the Nigerian government has turned its focus to platforms providing cryptocurrency services.
Some Nigerian crypto enthusiasts believe that the country’s decision to halt naira trading on cryptocurrency exchanges will likely worsen matters for the volatile fiat currency.
In an interview with Cointelegraph, Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), stated that the official Nigerian narrative that global cryptocurrency platforms contributed to the naira’s depreciation is impractical.
Ophi said Nigeria can effectively regulate the cryptocurrency industry through a framework introduced by the Nigerian Securities and Exchange Commission (SEC) in 2022.
