Naira vs Dollar: Nigerian govt eyes stricter sanctions on Cryto businesses

Blockchain Industry Coordinating Committee of Nigeria, BICCoN, chair, Lucky Uwakwe disclosed this in a statement. The planned regulations became necessary after the Nigerian government lifted the suspension on cryptocurrency in December 2023. “Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector,” he said.

The meeting comes amid the continued clampdown on Binance, OctaFX, and other cryptocurrency platforms based on the undermining of Naira in the forex market. Recall that barely five days ago, the Central Bank of Nigeria stopped OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.

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