For a large number of Nigerian cryptocurrency users, Binance and other platforms act as a hedge against the naira's recurrent depreciation

According to the Financial Times, some cryptocurrency exchanges in Nigeria experienced user accessibility difficulties, which gave rise to rumors that cryptocurrency websites, were being restricted. Local media said on Wednesday that the nation's top bank had sent the Nigerian Communications Commission (NCC), the country's telecom regulator, instructions to halt access to cryptocurrency websites like Binance, Coinbase, and Kraken. According to a different story, this development happened the day after Binance placed restrictions on peer-to-peer trades of the USDT/NGN pair, along with the naira's decline to all-time lows. After the central bank forbade local financial institutions from supporting direct trades three years prior, cryptocurrency exchange platforms—Binance in particular—became well-known for their peer-to-peer features.

Additionally, despite the fact that the central bank recently relaxed bank regulations and contemplated licensing cryptocurrency businesses for legitimate transactions, Binance had to impose trade restrictions on Tuesday due to the naira's sharp decline to all-time lows (roughly $1 to ~ N1,900), which the government partially blamed on cryptocurrency-trading platforms. For a large number of Nigerian cryptocurrency users, Binance and other platforms act as a hedge against the naira's recurrent depreciation. However, the recent initiative by the Nigerian government to impose restrictions on access to these platforms is perceived as an attempt to reclaim authority over the naira's value.