Why Nigeria’s Crypto ban added friction without stabilising the naira

When the spread betwixt Nigeria’s crypto-implied naira complaint and the authoritative speech complaint widened, policymakers reached for the evident lever, crypto. Restrict it, and the unit connected the naira would ease. It didn’t. A caller Bank for International Settlements moving paper, utilizing information crossed 27 currencies, finds that stablecoin flows bash impact overseas speech markets. […]

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