Naira Finally Scrapped From KuCryptocurrency Platforms

In a swift development, the Naira has been removed from peer-to-peer platforms of most cryptocurrency exchanges and as such removing the Nigerian currency as a medium of exchange in trading.

Gwg.ng reports that in response to instructions from the Office of the National Security Adviser (ONSA) and the Securities and Exchange Commission (SEC), Cryptocurrency exchanges have initiated the removal of the naira as a trading option.

Among the leading exchanges that have removed the naira as a trading option are Binance, OKX and most recently, KuCoin.

A press release from the SEC in Abuja revealed that KuCoin, a prominent Cryptocurrency exchange, has officially announced the discontinuation of the naira as a fiat currency choice for transactions.

The platform is currently working on necessary technological changes to accommodate the removal of the Naira promptly.

Meanwhile, operatives of the Uyo Zonal Command of the Economic and Financial Crimes Commission EFCC, on Friday,  May 10, 2024 arrested two suspected illegal forex traders, Surajo Umar and Muhammed Sadiq Lawal

They were arrested  at Udi Street in Uyo , Akwa Ibom State while selling dollars without appropriate licences.

Their arrest followed credible intelligence available to the EFCC on their suspected involvement in illegal foreign exchange transactions.   

 They will be charged to court as soon as investigations are concluded.

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