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Nigeria has taken drastic measures to try to stabilize its plummeting national currency, the naira, by blocking access to major cryptocurrency exchanges, the Financial Times reported. This move comes as the Nigerian government attempts to crack down on currency speculation amid record lows for the naira.

The Nigerian Communications Commission (NCC) issued orders to telecommunications companies late on Wednesday to restrict consumer access to the websites of major cryptocurrency platforms such as Binance, Coinbase and Kraken. As a result, consumers only experienced intermittent access to these sites on Thursday.

Bayo Onanuga, Special Adviser on Information and Strategy to the President of Nigeria, met with X to say that a local government report blocking access to exchanges was correct

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