Nigeria Is in a Currency Crisis. Its Government Blames Crypto.

Amid an unstable economy, many Nigerians have turned to cryptocurrency. The country has the second-highest adoption of crypto in the world, after India, according to data provider Chainalysis. Now, in Nigeria’s current financial crisis—the inflation rate for its local currency, the naira, hit 30% in January—the government is blaming Binance, the world’s biggest crypto exchange. WSJ reporter Caitlin Ostroff tells host Alex Ossola about the situation, and what it could mean for the future of crypto in the country.

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Amid an unstable economy, many Nigerians have turned to cryptocurrency. The country has the second-highest adoption of crypto in the world, after India, according to data provider Chainalysis. Now, in Nigeria’s current financial crisis—the inflation rate for its local currency, the naira, hit 30% in January—the government is blaming Binance, the world’s biggest crypto exchange. WSJ reporter Caitlin Ostroff tells host Alex Ossola about the situation, and what it could mean for the future of crypto in the country.

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