In recent times, the cryptocurrency space in Nigeria has faced significant scrutiny and increasing regulatory uncertainty. While there are efforts toward compliance, we find the regulations neither straightforward nor seamless.

After careful consideration, we have determined that it is time to move away from our reliance on the Naira. The rapid devaluation of the currency over the past few years has made depending on it unprofitable for our business, and we anticipate that the situation may worsen.

Alongside the economic challenges, we are experiencing increasing regulatory pressures, threats of fines and arrests for crypto traders, unjustified fees, and a complicated regulatory enrollment process. These issues have created a tense and seemingly toxic environment for our operations. As a result, we have reevaluated our strategy and decided to discontinue services related to buying and selling cryptocurrency in Naira. This phase-out will happen gradually, with initial steps already taken:

• We have removed our app from all app stores that facilitated crypto transactions.
• Our WhatsApp bot, which offered similar services, has been deactivated.

In the coming weeks and months, further steps will be taken to eliminate our dependence on the Naira. Eventually, we will fully transition to a model where the Naira is no longer used on our platform.

At present, users can still swap crypto without needing the Naira as a medium of exchange. We will continue to monitor the regulatory landscape, hoping that one day a reasonable and seamless framework will align with our business model. Until then, our focus will remain on non-Naira-dependent services.

Thank you for your understanding and continued support.

Best regards,
InstantExchangers Team