The Federal Government, in collaboration with the Securities and Exchange Commission (SEC), is planning to remove the naira from all peer-to-peer (P2P) crypto platforms.
This decision, announced by the newly-appointed Director-General of the Commission, Emomotimi Agama, during a meeting with stakeholders from the Nigerian blockchain industry, is a significant step towards regulating the country’s crypto market, which boasts an estimated value of $57 billion.
The initiative stems from concerns over the misuse of P2P platforms by unscrupulous elements to manipulate the naira and exploit exchange rates to their advantage.
Agama stressed the necessity of this action to safeguard the integrity of the crypto space and curb illicit practices.
“That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.