Cryptocurrency enthusiasts warn of risks of ban on naira trading on trading platforms

BlockBeats news, June 8, according to Cointelegraph, some Nigerian cryptocurrency enthusiasts believe that the country’s decision to stop trading naira on cryptocurrency trading platforms may increase the volatility of its currency.

In an interview, Rume Ophi, executive secretary of the Nigerian Blockchain Technology Association (SiBAN), said that Nigerian officials believe that the claim that global cryptocurrency platforms have caused the depreciation of the naira is unrealistic.

Ophi said that Nigeria can effectively regulate the cryptocurrency industry through the framework introduced by the Nigerian Securities and Exchange Commission (SEC) in 2022.