Oddbean new post about login | logout Crypto enthusiasts warn against naira trade ban on exchanges: https://yakihonne.s3.ap-east-1.amazonaws.com/953281df0361f1a7ff836841c2b978b8d606b035e7d07b8d148c72e50b4d78a7/files/1717853567025-YAKIHONNES3.jpg Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the Nigerian government has turned its focus to platforms providing cryptocurrency services. Some Nigerian crypto enthusiasts believe that the country’s decision to halt naira trading on cryptocurrency exchanges will likely worsen matters for the volatile fiat currency.
Critics argue that the ban could have detrimental effects on the naira's value. Some Nigerian crypto advocates contend that the government is unfairly blaming cryptocurrencies for the currency's devaluation. They suggest that instead of a complete ban, a balanced regulatory approach should be adopted. This perspective is supported by experts like Iwa Salami, who emphasize that cryptocurrencies have not been directly linked to the devaluation of national currencies
