The Nigerian government has announced its intention to delist the Naira from all peer-to-peer (P2P) platforms. This decision, disclosed by the Director General of the Securities and Exchange Commission, Emomotimi Agama, during a virtual meeting with blockchain stakeholders on Monday, aims to address the manipulation of the local currency’s value in the foreign exchange market.
The move is part of the government’s efforts to tackle the ongoing foreign exchange crisis in the country. The regulatory authorities have been investigating and scrutinizing cryptocurrency exchanges in recent months, and on March 8, the biggest cryptocurrency exchange, Binance, stopped its Naira services.
The delisting of the Naira from P2P platforms is expected to help stabilize the value of the currency and prevent further manipulation. The government’s decision is seen as a positive step towards addressing the economic challenges facing the country.
In recent months, the Naira has experienced a significant decline in value, leading to a surge in the prices of goods and services. The government’s efforts to address the situation have been ongoing, and the delisting of the Naira from P2P platforms is seen as a key part of these efforts.
The move, according to the Nigerian government, is also expected to help prevent the use of cryptocurrencies for illegal activities such as money laundering and terrorist financing.
