On September 12, the Economic and Financial Crimes Commission (EFCC), Nigeria's anti-corruption agency, received court approval to freeze over $330,000 (approximately 54.86 million Naira) in funds held in the bank accounts of multiple cryptocurrency users.

EFCC investigator Okoro Philip directly blamed cryptocurrency traders on Bybit and Kucoin for the depreciation of the Naira. In a court document filed on September 3, Okoro accused the bank account owners of illegally trading foreign exchange and cryptocurrencies. He also criticized the platforms involved for failing to comply with mandatory anti-money laundering regulations. Meanwhile, the EFCC claims that proceeds from criminal activities and terrorism-related funds are being traded on cryptocurrency platforms.