Nigeria opens the door to crypto, but still keeps major exchanges offline
- Nigeria has legally recognized cryptocurrencies and established a licensing framework for crypto businesses.
- In February 2024, the Nigerian Communications Commission directed telecom providers to block access to major cryptocurrency platforms.
- The government accused peer-to-peer trading platforms of facilitating unregulated currency trades that worsened FX instability.
Nigeria's mixed signals regarding cryptocurrency regulation reflect a deeper issue of bureaucratic inefficiency and lack of clear communication among regulatory bodies. The current situation not only stifles innovation but also undermines the potential of a burgeoning digital asset market in the country. A more cohesive approach is essential for fostering a supportive environment for crypto businesses.
