The government hasn't stated categorically why this decision was made but there are numerous speculated reasons.

Top of the list is the fact that crypto was used to fund a protest late last year.

Anyway, for people like me, the main problem will be how we can turn fiat into Naira and vice versa. This directive basically cuts off the supply between nigerians and exchanges like Binance where we can use naira, through our bank accounts, to buy crypto