Banking & Finance

FG to Delist Naira from Crypto Trading Platforms

In a latest effort to crackdown on naira manipulators in the foreign exchange market, the Federal Government, through the Securities and Exchange Commission (SEC), has announced plans to delist the Nigerian currency from all Peer-to-Peer (P2P) cryptocurrency platforms.

The Director General of the SEC, Emomotimi Agama, disclosed this during a meeting with the Nigerian Blockchain Industry on Monday. The delisting is expected to be part of a wider regulatory framework aimed at sanitising the cryptocurrency space, which will be rolled out in the coming days.

According to Agama, the delisting is necessary to “save this space” and prevent the ongoing manipulation of the naira’s value. He urged stakeholders in the crypto industry to cooperate with the SEC as the new regulations are implemented.

The SEC’s move comes after the Central Bank of Nigeria (CBN) recently issued a directive to fintech companies, instructing them to warn their customers against engaging in cryptocurrency transactions. This latest development suggests a coordinated effort by Nigerian authorities to regulate the crypto space and address concerns about its impact on the national currency.

Agama stated that the proposed regulatory guidelines which is currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem.

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