The announcement of the federal government’s decision to remove the Naira from all peer-to-peer (P2P) exchanges was made by the Director-General of the Securities and Exchange Commission, Emomotimi Agama, during a virtual conference with blockchain stakeholders on Monday.
The decision to remove the Naira from all peer-to-peer (P2P) exchanges is part of a series of regulations scheduled for rollout in the upcoming days.
This move aims to address the manipulation of the local currency’s value in the foreign exchange market.
Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), emphasized the importance of this resolution during a virtual conference with blockchain stakeholders.
He highlighted the need to prevent the manipulation currently happening in the P2P platforms by delisting the Naira.
Agama called for cooperation from stakeholders as the SEC prepares to implement regulations to address these challenges.
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He assured stakeholders of the SEC’s commitment to collaboration and mentioned ongoing efforts to review guidelines to promote best practices in the crypto space.
Expressing concern over market players manipulating the Naira’s value, Agama stressed the SEC’s efforts to ensure global respect for the crypto environment through collaboration.
This announcement follows a recent directive from the Central Bank of Nigeria (CBN) to fintechs, instructing them to advise customers against participating in crypto transactions.
Regulatory scrutiny of cryptocurrency exchanges has intensified recently, leading to the cessation of Naira services by major exchanges like Binance on March 8.