Nigeria's crypto community grapples with the impact of Binance's decision to halt naira operations, raising concerns over increased youth unemployment and traders' livelihoods.

Local crypto stakeholders anticipate the emergence of new exchanges to replace Binance, stressing the importance of regulatory compliance.

Traders are resorting to peer-to-peer platforms like WhatsApp and Telegram for crypto transactions in response to the ban.

Regulatory uncertainty continues to cast a shadow over Nigeria's cryptocurrency market, fueling fear and doubt.

Binance has taken steps to convert existing naira balances to USDT and stop NGN deposits and withdrawals.

The Central Bank of Nigeria's governor has expressed concerns about possible illicit activities on Binance, prompting a summons for the CEO to appear before a parliamentary committee.