Nigerian Crypto Enthusiasts Warn Against Halting Naira Trading, Advocate for Balanced Regulation

Some Nigerian crypto enthusiasts believe that halting naira trading on cryptocurrency exchanges will worsen the volatile fiat currency’s situation. Rume Ophi, executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), told Cointelegraph that blaming global cryptocurrency platforms for the naira’s depreciation is impractical. Ophi emphasized that Nigeria can regulate the cryptocurrency industry effectively through a framework introduced by the Nigerian Securities and Exchange Commission (SEC) in 2022. The naira’s rapid decline and the resulting inflation rate of 29.9%, a nearly three-decade high, have led the government to focus on platforms providing cryptocurrency services. These platforms have become