Amid sustained clampdowns on cryptocurrency platforms by Nigerian authorities in a bid to save the floundering Nigerian naira, OKX has turned off the peer-to-peer function for Nigerian users and removed the naira from its platform.

“Hi there, trading in naira is no longer available on our platform due to a change in local market requirements. However, we want to assure you that you can still engage in P2P trading using other currencies,” OKX said in a terse statement shared on X on Friday.

It added, “We understand that this change might have an impact on your trading preferences, and we apologize for any inconvenience this may cause.”

Peer-to-peer function (P2P) allows users, buyers and sellers to trade without third-party interference. 

OKX is the second crypto platform to disable its P2P function for Nigerian users, following Binance’s disabling of P2P for Nigerian users.

In February, the biggest cryptocurrency platform disabled its P2P function and exited the Nigerian market after its website was blocked.

National Security Adviser Nuhu Ribadu also ambushed and arrested two Binance officials, Tigran Gambaryan and Nadeem Anjarwalla, while on an official visit to Nigeria.

Mr Anjarwalla, Binance’s Africa regional manager, escaped from lawful custody on March 22 and flew out of the country, while Gambaryan remains in custody facing trial.

Recently, Nigerian authorities have clamped down on cryptocurrency platforms and bureau de change operations nationwide on claims that they aid currency speculators damaging the Nigerian currency.