Nigeria Is in a Currency Crisis. Its Government Blames Crypto.

WSJ Tech News Briefing

The Wall Street Journal

News, Tech News

4.6 • 1.6K Ratings

🗓️ 13 March 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Amid an unstable economy, many Nigerians have turned to cryptocurrency. The country has the second-highest adoption of crypto in the world, after India, according to data provider Chainalysis. Now, in Nigeria’s current financial crisis—the inflation rate for its local currency, the naira, hit 30% in January—the government is blaming Binance, the world’s biggest crypto exchange. WSJ reporter Caitlin Ostroff tells host Alex Ossola about the situation, and what it could mean for the future of crypto in the country. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	OCI is the single platform for your infrastructure, database, application development, and AI needs.
0:07.0	Do more and spend less like Uber 8 by 8 and DataBrix Mosaic.
0:12.0	Take a free test drive of OCI at Oracle.com
0:15.5	slash Wall Street.
0:17.1	Welcome to tech news briefing.
0:22.4	It's Wednesday, March 13th. I'm Alex Osala for the Wall Street Journal.
0:27.0	Coming up on today's show, why are some electric vehicle owners complaining that they can't even open the doors of their new cars.
0:34.0	W.S.J. reporter Ryan Felton tells us about the unexpected battery issue that's taken many
0:39.3	EV owners by surprise. And then, Nigerians have been quick to adopt cryptocurrency, but the country's
0:46.0	government is blaming crypto exchanges like finance for its current financial crisis. Now, two
0:51.6	finance employees are being detained in Nigeria.
0:55.0	W.S.J. reporter Caitlin Ostrov tells us the latest and what it means for the world's biggest
1:00.0	crypto exchange.
1:04.8	But first, when you think of what powers in E.V.
1:07.6	you probably think of a big lithium ion battery that you have to recharge, right?
1:12.0	Well, turns out there's another kind of battery,
1:14.4	a 12-volt battery, usually found under the hood
1:17.6	that does important things like turn on the interior lights
1:20.4	and open the windows.
1:22.1	And as W.S.JJ reporter Ryan Felton writes, these batteries aren't always working
1:26.9	reliably. Ryan, in some newer EV models, these 12-volt batteries are dying
1:31.9	repeatedly and unexpectedly.
	...

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