TechFlow news, on September 12, according to Bitcoin.comNews, the Economic and Financial Crimes Commission (EFCC) of Nigeria has obtained court approval to freeze over $330,000 (approximately 54.86 million Naira) in bank accounts belonging to multiple cryptocurrency users. The EFCC accuses these users' trading activities on platforms such as KuCoin and Bybit of contributing to the continuous depreciation of Nigeria's currency, the Naira.
In court documents, EFCC investigator Okoro Philip directly pointed to cryptocurrency trading on KuCoin and Bybit as the main cause of the Naira's depreciation. He stated that USDT exchange activities involving the Naira on these platforms artificially reduced the Naira's value. Additionally, the EFCC accused these exchanges of failing to comply with anti-money laundering and counter-terrorism financing regulations.
Since the beginning of this year, the Naira has depreciated by approximately 70%. Recently, the Central Bank of Nigeria (CBN) has intervened by selling U.S. dollars to money changers at rates below the official foreign exchange market rate, attempting to halt further declines in the Naira. Analysts believe that unless Nigeria can effectively control demand for the U.S. dollar, the trend of Naira depreciation may continue.
