By Milcah Tanimu
Following directives from the Office of the National Security Adviser (ONSA) and the Securities and Exchange Commission (SEC), cryptocurrency exchanges have started delisting the naira from Peer-to-Peer (P2P) trading platforms. This move is part of a broader strategy to stabilize and strengthen the Nigerian currency by limiting opportunities for exchange rate manipulation.
KuCoin, one of the notable exchanges, has removed the naira as a fiat currency option for transactions and is making the necessary technical adjustments to fully implement this change. The removal is intended to curb practices that negatively impact the naira’s value.
The SEC, during a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN)—the main body for blockchain and cryptocurrency associations in Nigeria—confirmed its plans to delist the naira from P2P trading platforms. This measure aims to prevent the manipulation currently observed on these platforms.
Dr. Emomotimi Agama, the acting director-general of the SEC, expressed satisfaction with the compliance shown by exchanges like KuCoin. He emphasized the importance of protecting national interests and warned against illegal practices that undermine the naira. He stated, “We are happy that they have started complying with the directives by the NSA. We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law.”
The SEC is working closely with the ONSA, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies to enforce these measures and ensure that the cryptocurrency market operates within the bounds of national regulations.
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