HomeNewsFederal Government To Delist Naira From Peer-to-Peer Platforms

Federal Government To Delist Naira From Peer-to-Peer Platforms

The federal government, through its Securities and Exchange Commission (SEC), has announced intentions to remove the naira from all peer-to-peer (P2P) platforms.

Emomotimi Agama, the Director General of SEC, revealed this during a virtual meeting with blockchain stakeholders on Monday.

This move is aimed at addressing the manipulation of the local currency’s value in the foreign exchange market. Regulatory authorities in the country have been actively investigating and scrutinizing cryptocurrency exchanges in recent months.

Agama expressed concern over certain market players manipulating the value of the naira and emphasized the commission’s efforts to ensure the integrity of the crypto environment globally by seeking collaboration and assistance.

On March 8, the largest cryptocurrency exchange, Binance, ceased its naira services.



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