Nigerian authorities are discussing the possibility of completely blocking the operation of cryptocurrency exchanges. There is an opinion in the president's office that digital asset trading platforms are engaged in manipulation of the national currency.

Among the exchanges that may be blocked in the country are Binance, Coinbase and OctaFX. According to the adviser to the President of Nigeria, Bayo Onanuga, it is necessary to stop the work of such companies that deliberately manipulate the exchange rate of the naira, reducing its value in the market. Governments hope the block will help stabilize the local fiat currency.

The government has already asked Nigerian telecommunications companies to block access to the websites of firms whose work is related to trading operations with cryptocurrencies.

Earlier, the Central Bank of Nigeria (CBN) notified a change in its own position in relation to cryptocurrency projects and trading of digital assets.