The Nigerian government has announced its decision to remove the Naira from all peer-to-peer (P2P) exchanges.
This move is aimed at tackling the manipulation of the local currency’s value in the foreign exchange market. The Director General of the Securities and Exchange Commission, Emomotimi Agama, made this announcement during a virtual conference with blockchain stakeholders on Monday.
According to Agama, the delisting of the Naira from P2P platforms is necessary to prevent the current level of manipulation.
He urged stakeholders to cooperate with the commission as it rolls out new regulations in the coming days. Agama reassured stakeholders of the SEC’s commitment to collaboration and its ongoing review of guidelines to promote best practices.
The SEC’s efforts are focused on ensuring global respect for the crypto environment through collaboration.
The announcement 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, leading to the cessation of Naira services by the largest cryptocurrency exchange, Binance, on March 8.
Instead of they will be fight for how the naira will be valuable in foreign exchange. This people should lemme o
What a shame of a government, ask me they don’t know exactly the problem but they will rather die than fix it
Always chasing shadows, they know exactly what’s the issues rather they prefer wasting their time
Will that move by any chance increase the Naira value?
They should work on how to make naira valuable in foreign exchange
Well e go help amend naira to get vak
Well e go help amend naira to get value sha
Disappointed but not surprised. Always chasing shadows
Maybe it would help naira to have value atleast
This is really crazy. This government has no direction.
Government way no even sabi wetin be the next thing to do
Our Goverment l dont too deu understand them,sometimes confusion go dey their head too much.
These people doesn’t have choice at all