Why does the Nigerian government place ban on cryptocurrency exchange and begins crackdown on its citizens when even most advanced and leading countries in the world are embracing and encouraging it?

Nigeria follows the steps of China - banning crypto exchanges, and planning introduction of CBDC.

In my personal opinion there are healthy areas of crypto - NFT, security tokens… and unhealthy areas - meme coins, DeFi, even bitcoin.

Currently the total crypto market cap is 2+ trillion in stable coin dollars. Yet the total collected fiat/paper dollars is less than $100 billion.

The government there realizes the potential of the unhealthy areas of crypto to destabilize the society when people attempt to exit crypto and get less than the fiat they put in.

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