Loading ...Nigeria Blocks Access To Coinbase, Binance, & Kraken As Naira Falls To Record Lows
Nigeria has taken drastic measures in to attempt to stabilize its plummeting national currency, the naira, by blocking access to major cryptocurrency exchanges, reported the Financial Times.
The Nigerian Communications Commission (NCC) issued orders to telecoms companies late on Wednesday to restrict consumer access to websites of major cryptocurrency platforms like Binance, Coinbase, and Kraken. As a result, consumers experienced only intermittent access to these sites on Thursday.
Cryptocurrency exchanges have played a big role in establishing unofficial market prices for the naira, with platforms like Binance often serving as benchmarks for local foreign currency exchange rates. The government’s move to block access to these platforms is an effort to regain control over the currency valuation of the naira.