Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services.
In an interview with Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria , he stated that the official Nigerian narrative that global cryptocurrency platforms contributed to the naira’s depreciation is impractical. “Nigeria needs a balanced approach to regulation if the industry is to thrive without harming financial and monetary stability. A stable financial system can allocate resources efficiently and manage financial risks. The approach must protect consumers and investors.”108 ex-prosecutors, feds echo calls to rescue Binance exec in Nigeria