In a significant move, the federal government has announced its intention to delist the Naira from all peer-to-peer (P2P) exchanges. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), made this announcement during a virtual conference with blockchain stakeholders. This decision forms part of upcoming regulatory measures aimed at addressing the manipulation of the Naira’s value in the foreign exchange market.
Agama emphasized the necessity of this step, stating, “Delisting the Naira from P2P platforms is crucial to prevent the ongoing manipulation.” He urged stakeholders’ cooperation as the SEC prepares to introduce new regulations in the coming days to safeguard the sector.
During the conference, Agama reiterated the SEC’s commitment to collaboration with all parties involved and highlighted ongoing efforts to review guidelines aimed at promoting industry best practices. He expressed concerns over market players exploiting the Naira’s value and underscored the SEC’s efforts to foster a crypto environment that garners global respect through collaborative measures.
The SEC’s directive comes shortly after the Central Bank of Nigeria instructed fintech firms to warn customers against engaging in cryptocurrency transactions. This regulatory scrutiny has intensified recently, leading to the suspension of Naira-related services by Binance, the largest cryptocurrency exchange, effective March 8th.
As regulatory bodies in Nigeria continue to tighten oversight over cryptocurrency exchanges, the exclusion of the Naira from P2P platforms marks a pivotal step in the government’s efforts to stabilize the currency market and enhance regulatory integrity in the crypto space.
