The federal government through its SEC has announced plans to delist the naira from all peer-to-peer (P2P) platforms.
Emomotimi Agama, the Director General of the Securities and Exchange Commission, made this disclosure in a virtual meeting with blockchain stakeholders on Monday.
This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market.
The country’s regulatory authorities have been investigating and scrutinising cryptocurrency exchanges in recent months.
The SEC DG decried how some market players were manipulating the value of the naira and explained that it is why the commission is “Seeking collaboration and help in making sure that the crypto environment is respected globally.
On March 8, the biggest cryptocurrency exchange, Binance, stopped its naira services.