Nigeria SEC's Directive: Naira Set to Exit P2P Platforms Amidst Cryptocurrency Manipulation Worries

SEC announces plans to delist Naira from peer-to-peer (P2P) platforms amidst concerns over cryptocurrency manipulation in Nigeria. This move aims to safeguard investors and regulate the digital asset space effectively.

In a move to address rising concerns over cryptocurrency manipulation, Nigeria's Securities and Exchange Commission (SEC) announces intentions to delist the Naira from all peer-to-peer (P2P) platforms. This decision aims to mitigate fraudulent activities within the cryptocurrency space, emphasizing the need for collective action and regulatory oversight.

The announcement came during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), where SEC acting director general, Emomotimi Agama, highlighted the growing level of manipulation occurring in cryptocurrency transactions. Agama stressed the importance of collaborative efforts to combat illegal trading activities and uphold the integrity of the capital market.

SEC's directive to delist the Naira from P2P platforms reflects ongoing efforts to regulate the virtual assets space effectively. The commission plans to introduce new regulations to govern activities within the digital asset ecosystem, including wallet providers, cryptocurrency exchange platforms, and initial coin offerings (ICOs). These regulatory measures aim to streamline processes, enhance transparency, and protect investors' interests.

Furthermore, SEC is committed to supporting Nigeria's position as an African Digital Asset Powerhouse, fostering innovation while ensuring compliance with established regulations. The commission's focus on creating an accommodating regulatory framework underscores its dedication to inclusive growth and economic progress within the cryptocurrency industry.

As stakeholders collaborate to address challenges and advance the crypto market, the establishment of a working group by BICCoN signals a proactive approach to navigating complexities and promoting sustainable development in Nigeria's digital asset ecosystem.