The Nigerian Securities and Exchange Commission (SEC) plans to “delist” the local currency, the naira, from all peer-to-peer (P2P) crypto trading platforms to curb manipulation of the currency’s exchange rate by speculators, according to SEC Director General (DG) Emomotimi Agama. This decision, along with other changes, will be implemented in the coming days, the DG said.
Agama, who made the remarks during a virtual meeting organized by a Nigerian blockchain association, said the SEC’s objective is not to eliminate the crypto industry but to ensure it is respected globally. The director general’s confirmation of plans to delist the naira followed weekend media reports warning of an imminent ban on P2P crypto transactions.
As reported by Bitcoin.com News, the planned ban on P2P transactions followed the Nigerian Office of the National Security Adviser’s decision to designate cryptocurrency trading as a national security threat. Prior to that, the Central Bank of Nigeria had ordered three fintech firms to cease facilitating P2P crypto transactions, a move that was seen as a warning shot.
However, in his address on May 7, Agama, who is viewed favorably by participants in Nigeria’s crypto industry, suggested that the SEC is open to dialogue.
“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 boss said.
According to a report in Business Day, Agama has repeatedly sought to reassure industry stakeholders, who have been unsettled by recent events. These events began with a crackdown on Binance and other global cryptocurrency exchanges. Agama suggested that the SEC’s sole aim is to eliminate market participants manipulating the value of the naira.
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