Nigeria closes FX exchanges amid continuing currency problems

Authorities intensify actions against Binance and other cryptocurrency firms

Central Bank of Nigeria
The Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

The Central Bank of Nigeria (CBN) has closed several thousand foreign exchange bureaus, while the country’s authorities have arrested senior executives in cryptocurrency exchange Binance. 

On February 23, the central bank closed 4,173 FX businesses, and raised the minimum capital level for exchanges to 2 billion naira ($1.3 million). It was the latest move by the central bank to confront Nigeria’s severe lack of foreign currency. 

The authorities have also escalated their moves move against

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