Nathaniel Luz, Flincap’s CEO, suggests the Nigerian government address licensing issues for local exchanges instead of blaming the crypto ecosystem for forex challenges.
The Nigerian government needs to be clear on its stance concerning the industry as its recent actions have been sending mixed signals to the broader crypto community, according to Nathaniel Luz, co-founder and chief marketing officer of Flincap, a local crypto over-the-counter (OTC) exchange.
This comes on the heels of the recent report from local crypto users of the inability to access the websites of various crypto exchanges like Binance, OctaFX and others using traditional telecommunication providers. This development arose on the evening of Feb. 21, with speculation of a possible government ban on crypto platforms.
Speaking with Cointelegraph, Luz said it seems like the government of Nigeria is not interested in having a good relationship with the people in the crypto space. The government blames the current exchange rate of 1,800 naira to $1 on OTC traders trading USDT for naira on the P2P market.
