The Director General of Nigerian SEC, Emomotimi Agama, has announced the impending delisting of the local currency, the naira, from all peer-to-peer (P2P) cryptocurrency trading platforms. This decision comes as part of efforts to combat the manipulation of the naira’s exchange rate by crypto traders.
Ban on P2P Crypto Transactions
Agama revealed the SEC’s plans during a virtual meeting organized by a Nigerian blockchain association. He emphasized that the objective is not to stifle the crypto industry but to ensure its compliance with global standards. The move to delist the naira follows earlier reports of an imminent ban on P2P crypto transactions, prompted by concerns raised by the Nigerian Office of the National Security Adviser regarding cryptocurrency trading as a national security threat.
SEC’s Approach to Regulation
Despite the proposed delisting, Agama expressed openness to dialogue with industry stakeholders. He highlighted the importance of regulatory measures to safeguard the crypto space and address concerns about market manipulation. Agama’s statements seek to reassure stakeholders amidst recent regulatory actions, including crackdowns on global exchanges like Binance.
Seeking Collaboration for Regulation
Agama urged cooperation from industry players as the SEC prepares to roll out new cryptocurrency regulations. He emphasized the need to eliminate market manipulation and restore confidence in the value of the naira. The SEC’s efforts aim to foster a regulated environment that ensures the stability and integrity of Nigeria’s cryptocurrency market.
As uncertainty looms over the future of P2P crypto transactions in Nigeria, stakeholders await further developments and regulatory clarity from the SEC.
