Nigeria to remove Naira from P2P trading platforms to curb currency manipulation

The Nigerian authorities has revealed intentions to delist the nationalist currency, the Naira, from each peer-to-peer (P2P) trading platforms.

Emomotimi Agama, the Director General of the Nigerian Securities and Exchange Commission (SEC), reportedly revealed this program during a virtual gathering with the country’s blockchain stakeholders contiguous arsenic portion of a wider effort to combat the manipulation of the section currency successful the overseas speech market.

Meanwhile, section stakeholders person blamed the emergence of P2P crypto trading successful the state connected inadequate regulation.

Nigeria is Africa’s astir populous country. Its young colonisation has propelled crypto adoption to grounds highs contempt caller regulatory pushbacks, with Chainalysis ranking Nigeria 2nd connected its planetary crypto adoption index.

Nigeria’s crypto environment

The improvement marks a important regulatory shift, pursuing a much accommodating stance toward crypto during the aboriginal days of President Bola Tinubu’s administration. However, caller months person seen a reversal successful the government’s stance, with authorities blaming crypto speculators for exacerbating overseas speech marketplace volatility.

Over the past fewer months, the Nigerian authorities has enlisted telecommunication providers to artifact section crypto users’ entree to speech platforms similar Binance and OctaFX. The authorities person besides blamed crypto speech Binance for facilitating billions worthy of trades, compounding the unit connected the Naira.

Additionally, authorities person instructed fiscal institutions successful the state to artifact accounts engaged successful crypto dealings and study specified activities to instrumentality enforcement. Furthermore, the authorities ordered 4 fintech companies to halt onboarding caller customers arsenic portion of ongoing efforts to bolster Know Your Customer (KYC) compliance.

Olumide Adesina, a fiscal journalist, said these moves showed that the “crypto manufacture faces extinction arsenic the FG’s involvement supersedes the populace involvement successful integer assets and the evolving technology.”

The station Nigeria to region Naira from P2P trading platforms to curb currency manipulation appeared archetypal connected CryptoSlate.