Nigeria's government has taken targeted acts against cryptocurrency exchanges, including Binance, amid escalating forex concerns and the alarming depreciation of the Nigerian currency. The Presidency and regulatory sources say the government decided to move against Binance and other crypto firms following reports that currency speculators and money are allegedly using these platforms to manipulate the naira and undermine the official exchange rate.

To the frustration of Nigerian users, Binance and several other cryptocurrency firms, including Coinbase and Kraken, have been suspended in the country in recent weeks. This crackdown comes as the government considers measures to restrict access to online platforms of major cryptocurrency firms like Binance, aiming to curb what it perceives as illicit financial flows and stabilize the nation's economy.

Binance is under heightened scrutiny in Nigeria, with allegations of contributing to the naira's devaluation. These allegations are challenging the crypto exchange's regulatory dialogues with Nigerian authorities. The government's actions reflect a growing concern over the impact of cryptocurrency trading on the stability of the naira and the overall financial health of the nation. The ongoing situation highlights the complex relationship between cryptocurrency, forex markets, and national economies, particularly in developing countries like Nigeria.