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BREAKING: Nigeria Moves To Delist Naira From P2P Platforms In Crypto Regulation Drive
The Federal Government has announced its intention to remove the Naira from all peer-to-peer (P2P) platforms.
This decision, revealed by Emomotimi Agama, the Director General of the Securities and Exchange Commission, came to light during a virtual meeting with blockchain stakeholders on Monday.
The primary objective behind this move is to address the manipulation of the local currency’s value in the foreign exchange market.
In recent months, regulatory bodies in the country have intensified their efforts to investigate and monitor cryptocurrency exchanges.
The scrutiny has been particularly focused on the operations of these platforms. Notably, on March 8, the largest cryptocurrency exchange, Binance, ceased its Naira services, which underscored the evolving regulatory landscape surrounding digital currencies in Nigeria.
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