Delisting of Naira from P2P Trading Platforms Underway

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In a supposed move to stabilize the Nigerian currency, the Securities and Exchange Commission (SEC) announced yesterday that several cryptocurrency exchanges have begun the process of delisting the Naira from Peer-to-Peer (P2P) trading platforms. This action follows a directive issued last week by the SEC in collaboration with the Office of the National Security Adviser (ONSA).

The directive mandates digital currency operators to remove the Naira as a fiat currency option on their platforms. This measure aims to protect the Nigerian currency from potential manipulations that could undermine its value. The SEC’s recent checks confirmed that the KuCoin platform has already started implementing this change, adjusting its technology to accommodate the delisting of the Naira.

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By removing the Naira from these trading platforms, the SEC hopes to limit opportunities for exchange rate manipulations that negatively impact the Nigerian currency. The anticipated outcome is a strengthened value for the Naira, providing greater economic stability for Nigeria.

Dr. Emomotimi Agama, Acting Director General of the SEC, expressed his satisfaction with KuCoin’s compliance. “We are happy that they have started complying with the directives by the ONSA. We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law,” Agama stated.

Agama emphasized that as the apex regulator of the capital market, the SEC is working closely with the ONSA, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies. This collaboration is crucial to ensuring that illegal activities within the financial markets are effectively curbed, thereby upholding the national interest.

Source: VanguardNGR

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