Nigeria’s Federal Government, through the Securities and Exchange Commission (SEC), has announced plans to delist the naira from all Peer-to-Peer (P2P) platforms. This move aims to reduce the manipulation of the local currency value in the foreign exchange market.

Emomotimi Agama, the SEC’s Director General, revealed this decision during an interactive session with the Nigerian Blockchain Industry. He emphasised the need for such measures to protect the integrity of the forex market.

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Addressing Crypto Currency Manipulation 

Agama highlighted the importance of delisting the naira from P2P platforms to prevent the manipulation currently affecting the currency’s value. He called for stakeholder cooperation as the SEC prepares new regulations.

Agama stated, “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 currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days.”

Agama assured participants of the SEC’s commitment to collaborating with stakeholders in the crypto space. The commission updates its guidelines to ensure compliance with best practices and international standards.

He explained, “We seek collaboration and help to ensure the crypto environment is respected globally.”

The SEC DG expressed concern over the manipulation of the naira’s value by some market players. He emphasised the need for collaboration to ensure that the crypto environment in Nigeria is respected globally.

Agama’s declaration comes from a recent directive from the Central Bank of Nigeria to fintechs, which mandated fintechs to warn their customers against engaging in crypto transactions.

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Recent Regulatory Developments

Agama’s statement follows a recent directive from the Central Bank of Nigeria (CBN) to fintechs. The CBN mandated fintechs to warn their customers against engaging in crypto transactions, signalling a tightening regulatory stance in the country. The CBN’s directive aligns with the National Security Adviser’s classification of crypto trading as a national security issue, prompting strict measures to curb illicit activities and ensure compliance with regulatory standards in the Nigerian financial sector

In essence, the SEC’s decision to delist the naira from P2P platforms reflects ongoing efforts to regulate the crypto space and protect investors. This move, coupled with other upcoming regulations, aims to promote transparency and stability in Nigeria’s digital currency market.