The Nigerian Federal Government is clamping down on exchanges like Binance and Kraken.
Major digital currencies like Bitcoin, Ripple (XRP) and USDT are poised to be impacted.
In a bid to stabilize its plummeting national currency, the Naira, Nigeria has resorted to drastic measures, including a ban on Bitcoin (BTC), and Ripple’s XRP, in addition to blocking access to major crypto exchanges. 
Rationale Behind Nigerian Government’s Action
The Financial Times reported that the Nigerian Communications Commission (NCC) has ordered telecom firms to block consumer access to key crypto platforms’ websites, including Binance, Coinbase, and Kraken. Consequently, consumers experienced limited access to these sites on Thursday, February 22, signaling a clampdown on crypto trading in the country.
Bayo Onanuga, Special Adviser of Information and Strategy to the President of Nigeria, confirmed the government’s action on the X platform, stating that the report from a local news media was cor

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