Nigerian Government Plans to Delist Naira From P2P Platforms

The federal government of Nigeria, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer (P2P) crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers.

The Director General of Securities and Exchange Commission, Emomotimi Agama, disclosed this during a virtual meeting with blockchain stakeholders on Monday. This is a part of the expected regulations the government will roll out in the coming days.

The regulatory authorities have been investigating and scrutinizing cryptocurrency exchange in the past months. On March 8, the biggest cryptocurrency exchange, Binance, stopped its Naira Services.

Agama said “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.”

“We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming and those involved. This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.”

Agama added “Patriotism can never be wished away. Whatever we do that would bring dishonor to our country, we must try to avoid it. What is very critical and has brought this meeting are the concerns regarding crypto P2P traders and their effect on the naira.”

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