Largest cryptocurrency firm globally, Binance, has initiated a halt on all transactions involving Nigeria's local currency amidst an ongoing dispute with the authorities.

The Nigerian government has leveled accusations against the company, alleging its involvement in the devaluation of the naira through manipulation of foreign exchange rates.

Additionally, the central bank governor has asserted that cryptocurrency firms are being exploited for money laundering activities.

Last week, officials demanded nearly $10 billion in compensation from Binance, escalating tensions between the company and Nigerian regulators.

As the naira continues to weaken, many Nigerians view cryptocurrency exchanges as a means to safeguard their savings.