Nigeria is making big moves by delisting the local currency, the Naira, from peer-to-peer (P2P) crypto trading platforms. According to PUNCH, the Federal Government delists naira to combat alleged dollar racketeers and exchange rate manipulators via the Securities and Exchange Commission (SEC).
In a recent meeting with the blockchain community, SEC’s Director General Emomotimi Agama unveiled the plan, emphasizing the government’s commitment to fostering responsible growth and innovation in the crypto space. Agama confirmed that the government is currently drafting a new set of regulations to govern the crypto sector.
The SEC DG told the members of the local crypto community, “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.”
Emomotimi Agama said, “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 about this meeting are the concerns regarding crypto P2P traders and their effect on the naira.”
This development follows BICCoN’s push for dialogue between SEC and crypto exchanges. Such a roundtable discussion could be pivotal in positioning Nigeria as a major player in the global digital asset arena. Some local exchanges, like OKX and Bitbarter, have already stopped naira services to comply with government rules.
He said that some bad players in the crypto industry were manipulating the national currency, the naira, an act that the government was determined to deal with.
He emphasized that under his leadership, the SEC was prepared to establish an innovative regulatory framework for digital assets, positioning Nigeria as Africa’s digital asset hub with various solutions such as real-world asset tokenization. This initiative, he believes, will stimulate wealth creation and drive growth in the country’s capital market.
“We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests.”
Nigeria’s proactive stance in regulating cryptocurrencies not only demonstrates its dedication to market integrity but also signals opportunities for growth and cooperation.
By engaging with the crypto community, Nigeria is poised to embrace the future of finance responsibly and innovatively.
Also Read: Nigeria Weighs Tighter Rules on Crypto Market, Calls Meeting
