The price cap prevented traders from selling above it, forcing them to switch to other exchanges where they could transact without limitations.
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In order to maintain compliance with Nigerian local authorities, Binance has placed a cap on the price at which Tether tokens may be sold on its peer-to-peer (P2P) platform. Currently, traders on Binance are unable to sell USDT
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The cryptocurrency exchange assured its Nigerian users that it would collaborate closely with legislators, local authorities, and regulators to make sure that users who violate the price cap are taken seriously. Users can transact directly with other users to buy and sell cryptocurrency for fiat money using Binance P2P.
The price cap prevented traders from selling above it, forcing them to switch to other exchanges where they could transact without limitations.
The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser in Nigeria launched a cooperative effort to address the problems affecting the nation’s economic stability and stop forex speculation.
The initiative emphasizes how speculators’ actions, both locally and abroad and through various channels, have contributed significantly to the depreciation of the naira, escalating inflation and creating economic instability in Nigeria.
The naira significantly declined against the US dollar on the foreign exchange rate market after the Nigerian government unified the forex windows in the middle of 2023. It doubled from roughly 700 naira/$1 to a record high of over 1,500 naira/$1.
The Nigerian Securities and Exchange Commission (SEC) advised local investors not to use Binance in July 2023. The organization maintained that the platform’s activities were unlawful and that it lacked a license to operate in the nation. It also served as a reminder to the general public of the high degree of risk and possible complete loss of investments.
Nigeria is now the largest peer-to-peer market globally, thanks to the Central Bank of Nigeria’s 2021 ban on institutions purchasing and selling cryptocurrencies. However, the prohibition on Nigerian banks facilitating cryptocurrency transactions was lifted in December 2023 by a circular sent to banks.
Many Nigerians who deal with foreign exchange find it difficult to use the traditional banking and Bureau de Change channels for their transactions. This is because P2P transfers are more appealing than cryptocurrency transactions because the costs associated with transferring foreign exchange within the banking system are much higher.
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