Overview

• Nigeria's telecom regulator received instructions from the central bank to suspend access to crypto websites, including Binance, Coinbase, and Kraken, due to the naira's steep decline.
• Crypto exchanges like Binance have become crucial for Nigerians, offering a hedge against the naira's devaluation and serving as benchmarks for unofficial exchange rates.
• The government aims to regain control over the naira's valuation by limiting access to these platforms, with the long-term effects of these actions still uncertain.
• Binance assured users that their accounts and funds remain accessible and secure, despite some users experiencing issues accessing the site.
• Coinbase and Kraken also faced accessibility issues, but Coinbase has confirmed that its platform remains accessible in Nigeria.