Binance denies being asked by the Nigerian government to pay a $10 billion fine. However, a Binance official who did not want to be named confirmed that the exchange had discussions with the Nigerian government to resolve issues related to activities of a Binance subsidiary.

Shen Chao, Binance has removed the peer-to-peer (P2P) trading function for the Nigerian currency Naira. Nigerian Binance users have expressed dissatisfaction and concern. It is reported that the P2P function allows users to trade directly without a third party. Binance has also attracted the attention of the Nigerian central bank because the bank is concerned about possible "suspicious fund flows." There have been reports that the National Security Adviser's office has detained two Binance executives in Abuja. Local cryptocurrency analysts are disappointed with the government's unfriendly attitude and believe that the government should focus on manufacturing and exporting rather than confronting cryptocurrencies.

Nigerian fintech startup Cleva has raised $1.5 million in seed funding with support from Y Combinator, a US-based tech startup accelerator. Early-stage venture capital firm 1984 Ventures led the round, with participation from TheRaba Partnership, Byld Ventures, Firstcheck Africa, and several angel investors. The funding is expected to help the fintech startup establish a banking platform that enables individuals and businesses to receive international payments.

Nigerian fintech lawyer Ihenyen stated that the new Central Bank of Nigeria (CBN) guidelines prohibit the withdrawal of cash from accounts operated by virtual asset service providers (VASPs), which seems reasonable and understandable. However, the lawyer believes that a complete ban on cash withdrawals from accounts operated by VASPs may conflict with CBN's own cashless policy.

Olumide Adesina, a financial professional in Nigeria, stated that cryptocurrency companies that have been working with the Central Bank of Nigeria (CBN) will be in the best position to lead the industry in the future, following the lifting of the ban on digital assets for Nigerian banks and financial institutions on December 23. He added that Nigerian cryptocurrency participants who actively collaborate with regulatory agencies have achieved great success in lobbying the central bank to soften its previous stance. With renewed focus on financial stability, the central bank's goal is to open up the country's financial ecosystem to digital securities approved by local regulators.

According to a report by Coin Journal, about 47% of Nigerians actively participate in cryptocurrency, which is widely seen as an alternative to traditional financial systems. The analysis also shows that cryptocurrency ownership in the country has grown by 15% between 2020 and 2023. Despite measures taken by the Central Bank of Nigeria (CBN) to restrict the use of such digital assets, the number of Nigerians who own them continues to grow.

Tthe Nigerian Police Force (NPF) has arrested a politician - Ambassador Wilfred Bonse, who is suspected of stealing more than $246,153 (200 million naira) from Patricia Technologies' encrypted wallet.

According to Nicholas Anthony's analysis, the Nigerian government is trying to promote the transition to a cashless economy by implementing a central bank digital currency (CBDC). However, restrictions on cash usage have sparked protests from the public, demanding the restoration of paper currency. Despite the government's efforts to promote the adoption of CBDC, such as lifting access restrictions and providing payment discounts, these measures have proven to be futile. Furthermore, with cash withdrawal restrictions and currency redesign, the situation has worsened, leading to a cash shortage and escalating public dissatisfaction. Therefore, the adoption rate of the Nigerian CBDC remains low, with only less than 0.5% of the population using it, while over 50% have already accepted cryptocurrencies.