As a researcher who has spent a considerable part of my career studying economic instability and social unrest in various parts of Africa, I find myself deeply concerned about the recent developments in Nigeria. The freezing of $38 million in cryptocurrency, suspected to be associated with the ongoing protests against the escalating cost of living, is a significant step that raises questions about freedom of speech and assembly.
A Nigerian court has ordered a hold on roughly $38 million worth of cryptocurrencies, which are believed to be connected to the ongoing demonstrations stemming from rising living expenses within the nation.
According to reports from Premium Times, the Federal High Court in Abuja granted a freeze at the EFCC’s request.
The decision affects four digital wallets, believed to be linked to the coordinators of the #EndBadGovernance demonstrations. It was revealed by National Security Adviser Nuhu Ribadu that approximately $50 million in donations could be tied to these protests.
The Economic and Financial Crimes Commission (EFCC) has effectively prevented access to $38 million kept in these digital wallets, considerably weakening the financial resources supporting the ongoing protests.
The momentum of these public demonstrations is growing as Nigerians face escalating daily expenses. Inflation has hit a record 33.2%, which represents a 28-year high and is further exacerbated by the depreciation of the naira against the US dollar. This challenging economic situation has ignited frustration, leading to protests across the country.
Officials express concern that crypto trading may be causing the weakening of the Nigerian naira. This year, Central Bank Governor Olayemi Cardoso spoke out against Binance for facilitating 26 billion dollars’ worth of untracked money transfers from Nigeria. This action led to an investigation which ultimately resulted in the freezing of 38 million dollars’ worth of cryptocurrency.
The latest moves by the government signal a heightened effort to control public demonstrations. Although the organizers’ financial resources are now limited, it remains uncertain how this might impact the campaign fighting rising costs.
Over a long period, Nigeria’s economic struggles have caused its citizens to endure tough times. With the naira losing value, public discontent escalated, culminating in protests. The government’s action of withholding funds connected to protests can be seen as an attempt to control unrest by limiting financial support.
With inflation reaching a nearly 30-year high, the current state of affairs remains volatile. It’s expected that the government will continue to manage funding for protests, given their efforts to handle mounting discontent among the population.
In response to the Nigerian government’s intensified attempts to curb financial support for ongoing protests, approximately $38 million worth of cryptocurrency has been frozen. It remains unclear how this move will impact the protests, as the situation continues to develop amidst rising inflation and economic hardships that are fueling discontent and shaping responses.
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2024-08-16 19:44