The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market
The Director General of the Securities and Exchange Commission, Emomotimi Agama, stated this during a virtual conference with blockchain stakeholders on Monday.
This is projected to be included in a series of regulations scheduled for rollout in the upcoming days.
This resolution seeks to tackle manipulation of the local currency’s value in the foreign exchange market.
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.”
Agama, while addressing stakeholders during the meeting, reassured them of SEC’s commitment to collaboration with all stakeholders, mentioning the commission’s ongoing review of guidelines to promote best practices.
He also expressed concern over market players manipulating the Naira’s value and emphasized the commission’s efforts to ensure global respect for the crypto environment through collaboration.
The SEC DG’s declaration follows a recent directive from the Central Bank of Nigeria to fintechs, instructing them to caution their customers against participating in crypto transactions.
The nation’s regulatory bodies have recently intensified their scrutiny of cryptocurrency exchanges, prompting the cessation of naira services by the largest cryptocurrency exchange, Binance, on March 8.