Two senior executives at Binance have been detained in Nigeria as Africa’s populous country tries to rein in speculation on the naira by cracking down on cryptocurrency exchanges. The executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but they were detained by the office of the country’s national security adviser and their passports seized, according to people familiar with the matter. An adviser to the office did not immediately respond to a request for comment. Binance declined to comment. Nigerian authorities have turned their focus to cryptocurrency websites after a rapid devaluation of the naira that helped drive inflation to an almost three-decade high of 29.9 per cent. The sites have emerged as an alternative for trading and establishing an unofficial price for the Nigerian currency. Following the detention of the executives, Binance halted trading of the naira against bitcoin and tether digital coins on its excha...

I n a significant development for the cryptocurrency industry, the Central Bank of Nigeria (CBN) has recently announced the lifting of its ban on cryptocurrency transactions in banks. This decision marks a crucial turning point, indicating a more open and progressive approach by the Nigerian regulatory authorities towards digital assets. The revocation of the ban recognizes the growing global acceptance of cryptocurrencies and the potential benefits they hold for financial inclusion, innovation, and economic growth. Back in February 2021, the CBN issued a circular that prohibited financial institutions from facilitating cryptocurrency transactions. The directive sparked widespread debate and concern among crypto enthusiasts, blockchain startups, and investors, who saw it as a setback to the development of the nascent industry in Nigeria. The ban resulted in a decline in cryptocurrency trading volumes and limited access to traditional banking services for individuals and businesses invo...