BREAKING: FG To Remove Naira From Crypto Trading Platforms

The Nigerian government, through the Securities and Exchange Commission, plans to remove naira from peer-to-peer crypto platforms to address currency manipulation.

This decision aligns with recent efforts to regulate the country’s crypto market, emphasizing fair practices and collaboration with the crypto community.

The Nigerian government, led by the Securities and Exchange Commission (SEC), is taking steps to remove naira from peer-to-peer (P2P) crypto platforms to combat currency manipulation and illegal dollar trading.

VerseNews reports that this decision follows recent initiatives to regulate Nigeria’s booming $57 billion crypto market.

During a meeting with blockchain industry representatives, SEC’s new Director-General, Emomotimi Agama, confirmed the government’s intentions and discussed drafting new regulations for the crypto sector.

“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,” the SEC DG told the members of the local crypto community.

Agama emphasized the need to curb naira manipulation on P2P platforms and sought collaboration from the crypto community to ensure fair practices.

The move aligns with recent directives from the Central Bank of Nigeria, urging fintechs to caution customers against crypto transactions.