Layah Heilpern, a prominent figure in the cryptocurrency community and host of The Layah Heilpern Show, stated her belief that Nigeria's prohibition on cryptocurrency will not impede the rising popularity of digital currencies in the African nation. Nigerians have increasingly turned to crypto as a means to protect their money from severe inflation.
"Nigeria understands you cannot stop bitcoin," said Heilpern, according to X. "It's why they've blocked access to crypto exchanges including Binance, Kraken and Coinbase. Last time this happened, peer to peer trading increased by 27%. You can ban bitcoin but you can't stop it."
The Financial Times reported that as the value of the Nigerian naira plummets to record lows, the Nigerian Communications Commission (NCC) instructed telecoms companies on February 21 to limit public access to leading crypto exchanges such as Coinbase, Binance, and Kraken. Digital assets have been gaining traction in Nigeria as confidence in the naira wanes, while the government has been forced to devalue its currency twice in recent months. This crackdown signifies a shift in the Nigerian government's stance towards crypto.
According to the Crypto Council for Innovation, the Nigerian government reversed its crypto ban in December 2023. In January 2024, Nigeria's central bank issued guidelines to banks about accommodating crypto accounts. The Council's report from February highlighted that Nigeria's status as having the second-largest population of crypto users suggests that the ban was ineffective during its enforcement. "Nigerians are keen to protect the value of their money," said the report, noting that Nigeria experienced a 27-year high in food costs in December 2023.
The Crypto Council for Innovation also pointed out that Nigerians appreciate lower fees and quicker transaction times associated with cross-border crypto payments. Given Nigeria's heavy reliance on remittances, traditional financial system remittances can incur fees up to 36%. A survey conducted by Consensys in 2023 found that half of Nigerian respondents desired crypto regulations that would safeguard users while also promoting adoption.
Finty identifies Heilpern as a cryptocurrency enthusiast, author, and speaker. During The Layah Heilpern Show, she engages with notable figures from the crypto industry as well as experts in business and culture. Her book, "Undressing Bitcoin," was published in 2021.