Modili Stephen

Nigeria will formally outlaw peer-to-peer cryptocurrency trading in the coming days.

What this means is that Kucoin, Bybte, and the rest of crypto currency exchange will be officially banned from enabling crypto traders in Nigeria to buy or sell USDT.

As a prelude to the official announcement coming soon, fintech apps Moniepoint, Paga, and Palmpay have blocked and are blocking the accounts of customers dealing in cryptocurrency and reported those transactions to law enforcement after Nigeria’s National Security Adviser (NSA) classified crypto trading as a national security issue.

The Central Bank's belief that crypto traders use peer-to-peer trading to manipulate the naira via a pump-and-dump strategy is the rationale for a ban on p2p trading. The Central Bank Governor, Olayemi Cardoso, asserted in February 2024 that Binance processed $26 billion in untraceable transactions.

Four well-known fintech companies—Opay, Kuda, Monie Point, and Palmpay—received instructions earlier this week from the office of National security adviser to cease onboarding new customer accounts by opening new accounts. .

Cardi B and his team will soon announce the P2P ban, marking the culmination of their efforts to stabilize our currency and drive out speculators.

I expect the naira to be stable in the next 3 months after the announcement of the ban on P2P trading and will oscillate between 800-950 to $1 after the stability.

If you think my man, Cardi B, does not understand what he is doing or does not have access to data that shows that crypto speculators are driving down the value of our currency,

Ngwanu, put body, call your aboki, and buy more dollars if e sure for you or if you are sure and confident that Naira will not recover again.

The price as of this afternoon is $1,410 to $1, in case you did not know.

Three months after the imminent announcement of the P2P ban, we will know how far. By Chukwudi Iwuchukwu