Cryptocurrencies are not illegal in Nigeria but firms must register in order to operate there. The Nigerian government says it has demanded almost $10bn (£8bn) in compensation from the cryptocurrency firm, Binance. It says Binance manipulated foreign exchange rates through currency speculation and rate-fixing, which have seen the naira lose nearly 70% of its value in recent months.Nigeria is Africa’s biggest economy and also one of the world’s biggest cryptocurrency markets. Who is to blame for devaluation of Nigerian Currency ?
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