Forex Turmoil: Presidency Takes Hard Stance with Ban on Leading Crypto Platforms
The Presidency has confirmed the ban on 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), confirmed this on Wednesday.
Ejes Gist News reported that the Federal Government had blocked major online crypto platforms to prevent the continuous manipulation of the forex market and the illicit movement of funds.
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This latest development follows an order from the National Security Adviser, Nuhu Ribadu, for a crackdown on currency speculators in the country.
It was learned that the Nigerian Communications Commission (NCC) relayed the directive to telecommunications companies to block access to the crypto platforms.
The decision to act against the crypto and forex firms was reportedly made following reports that currency speculators and money launderers were using these platforms for criminal activities.
Some of the crypto firms blocked include Binance, Forextime, OctaFX, Crypto.com, FXTM, Coinbase, and Kraken, among others.
In a discussion with The Cable, Fasua praised the government’s steps to address the naira’s free fall, especially the ban on crypto and forex platforms.
He said, “In less than two hours after the FG banned crypto and Binance, the dollar dropped from N1850 to N1390. I pray this is sustainable.”
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Fasua further noted that the floating of the naira contributed to the rising cost of living and the economic hardships Nigerians are facing.
He asserted that the country’s economy is too fragile to withstand the naira float. “The economy is too fragile for that. The naira float made prices go up everywhere,” he stated.
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