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Crypto enthusiasts in Nigeria continue to trade cryptocurrencies, with a total value of N1.9 billion exchanged via the USDT-naira pair on Binance, just 24 hours after the government’s clampdown on the leading digital currency exchange.
USDT, a stablecoin pegged to the value of the US dollar, is widely used as a measure of value for other cryptocurrencies globally.
Despite its status as an imaginary dollar, many digital currency traders believe that USDT is backed by actual dollars, leading thousands of Nigerian youths to bet on its value daily.
However, the recent regulatory actions have caused volatility in the naira on Binance, with a 6.5% increase in the past three days.
Binance, in response to the regulatory directives from the Nigerian Communications Commission (NCC), has confirmed its cooperation with local authorities to address issues of non-compliance.
The government’s clampdown on Binance and other crypto firms is part of its efforts to curb alleged manipulation of the foreign exchange market.
While there have been reports of users being unable to buy USDT on the platform, The Guardian has confirmed that Binance is still actively trading.
The peer-to-peer (P2P) trading of USDT against other currencies, including the naira, remains active.
In addition to the regulatory actions, there have been calls for the Nigerian government to criminalize the spending of dollars in the country to reduce the demand for hard currencies.
The Chartered Institute of Taxation of Nigeria (CITN) National President, Samuel Agbeluyi, expressed concern over the use of dollars as a de facto currency in Nigeria, emphasizing the need to regulate the amount of dollars in circulation.
To build a better Nigeria, Agbeluyi suggested increasing productivity and reducing the importation of unnecessary items. He also highlighted the need to address tax evasion among the elite, as it does not benefit anyone.
Despite the regulatory challenges and calls for stricter measures, crypto trading continues in Nigeria, with traders adapting to the changing landscape.
