Why Nigeria's Crypto ban added friction without stabilising the naira

    Ade Adegbenro | Insights | Apr 23, 2026    
Get Unlimited Access
Subscribe to unlock this article

Complete digital access to quality journalism on any device. Cancel anytime during your trial.

Once registered, you can:

  • Read this article and many more, including access to epapers and research
  • Enjoy customize article feed/recommendation based on your profile
  • Enjoy access to Businessday exclusive events
  • One-Access accross Businessday platforms

Share this article
Shared
5253
times

When the gap between Nigeria's crypto-implied naira rate and the official exchange rate widened, policymakers reached for the obvious lever, crypto. Restrict it, and the pressure on the naira would ease.

Continue reading your article with a
BusinessDay subscription





Already a subscriber?
Sign In
RECOMMENDED STORIES
Security
Learning under siege: The fiscal paradox of Nigeria’s safe schools initiative
Nigeria’s Safe Schools Initiative captures a painful contradiction between fiscal ambition and lived insecurity. Despite a N144.77 billion (2023–2026) federal commitment to secure learning spaces, classrooms remain under siege. In May 2026, gunmen abducte
Muhammed Akanji | Jun 12, 2026
Economy
The real cost of building on borrowed land
In 2009 and 2010, I understood something that would take most people another decade to learn.
Udo Maryanne Okonjo | Jun 12, 2026
Maritime
Manufacturers face margin squeeze as China freight rates jump
Manufacturers in Nigeria are staring at fresh cost shocks after some of the world's largest shipping lines imposed new surcharges on cargo from China, the country's biggest source of imports, threatening to further erode margins at a time when weak consum
Bethel Olujobi | Jun 12, 2026
Agriculture
Nigeria’s urea export jumps 64% as Middle East conflict drives global shortage
Nigeria's urea exports surged 64 percent year-on-year in the first quarter of the year as geopolitical conflict in the Middle East disrupted a key shipping route accounting for 35 percent of global supplies.
Josephine Okojie-Okeiyi | Jun 12, 2026
support_agent
phone
mail_outline
language
help_outline
Conference Ad Conference Ad