"Executives' Passports Seized in Nigeria Amid Cryptocurrency Crackdown"

"Executives' Passports Seized in Nigeria Amid Cryptocurrency Crackdown"

According to a report by Financial Times on Wednesday, a group of executives found their passports seized upon arrival in Nigeria by the Office of the National Security Adviser. The executives' visit to the country was reportedly in response to Nigeria's recent crackdown on various cryptocurrency trading platforms. While the exact reasons behind their detention remain undisclosed, it coincides with allegations of manipulation in foreign exchange trading within Nigeria.

Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, made a statement on February 21, 2024, advocating for the ban of platforms like Binance from operating in the country. Onanuga accused Binance of "blatantly setting exchange rates for Nigeria" and usurping the role of the Central Bank of Nigeria (CBN). He urged the Economic and Financial Crimes Commission (EFCC) and the CBN to take action against these platforms, asserting that they are attempting to "manipulate our national currency to ground zero." The detention of the executives underscores the escalating tensions surrounding cryptocurrency regulation in Nigeria and highlights the government's firm stance on the issue.

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