Newsbreak: Exchange Rate: FG to delist Naira from cryptocurrency trading platform

By Samuel Ogunsona

The Federal Government, FG, is set to ban the use of Naira from all peer-to-peer crypto platforms as part of efforts to tackle exchange rate cartel.

The FG said the new move through the Securities and Exchange Commission, (SEC) will regulate the nation’s crypto market which has been estimated at $57bn.

Mr Emomotimi Agama, the Director-General of the Commission, made this known to the public during a meeting organized by the Blockchain Industry Coordinating Committee of Nigeria on Monday.

According to the new DG who argued that operators in the crypto market have allegedly used the P2P platforms to manipulate the naira also said the government is working on a new initiative to regulate the crypto sector.

“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 DG told the members of the local crypto community.

Agama also noted that the government is ready to deal with anyone manipulating the Naira in the crypto sector.

Agama said, “We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.

“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.

“Patriotism can never be wished away. Whatever we do that would bring dishonor to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira.” He stated.