Nigeria Imposes Ban on P2P Crypto Trading, Impacting Bitcoin (BTC) and Local Currency Stability

• With the Naira depreciating 65% against the dollar since currency regulations relaxed, locals in Nigeria use crypto as a hedge.
• Regulators say crypto P2P traders influencing the Naira’s exchange rate.
• Nigeria’s SEC Director announced plans for new regulations to overseeing crypto assets.

As Nigeria’s Naira continues to depreciate, locals turn to crypto for financial stability. However, regulators are planning new measures to oversee crypto assets.