Binance Blocks Transactions In Nigerian Currency

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The world’s largest cryptocurrency firm, Binance, has begun stopping all transactions using Nigeria’s local currency – as a dispute continues with the authorities.

The Nigerian government has accused the company of causing the naira to lose value, by manipulating foreign exchange rates.

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The central bank governor has also claimed that cryptocurrency firms are being used for money laundering.

Last week officials demanded almost $10bn (£8bn) in compensation from Binance.

With the weakening of the naira, many Nigerians see crypto exchanges as a way to protect their savings.

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