The Nigerian government has initiated its plan to block cryptocurrency trading platforms such as Binance, OctaFX, Coinbase and others in a bid to avert what it considers continuous manipulation of the forex market and illicit movement of funds.

Sources within the major telecommunication companies in the country told Premium Times that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they've started acting on it.

It was further gathered that the presidency and regulatory sources decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities. Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira.

This is coming after the naira tumbled to an all-time low of N1,900 per dollar at the parallel market on Tuesday, February 20, amidst speculations and uncertainties about supply constraints in the markets. But at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local unit appreciated slightly to N1,551.24.