The Nigerian Money Exchange Association hopes the central bank will take action to prevent cryptocurrency remittances.

According to the Guardian, the Nigerian Securities and Exchange Commission (ABCON) has asked the Central Bank of Nigeria (CBN) to take action to prevent foreign exports from the effects of cryptocurrencies. ABCON said that public acceptance of cryptocurrency exchanges has increased, which could lead to a drop in remittances in the Nigerian diaspora. While investors and the general public alike learn that cryptocurrencies are a haven for wealth, there are no safety factors that make cryptocurrencies more important in an emergency. Immigrants who cross the border for their families prefer lower cryptocurrency exchange rates than the higher rates of traditional money transfer companies such as Western Union. ABCON noted that the cryptocurrency market is faster than traditional exchanges, which require the use of SWIFT, a communications platform that handles cross-border payments.