Nigeria Set to Ban Peer-to-Peer Crypto Trading Amid Naira Depreciation
- Nigeria plans to ban Naira peer-to-peer transactions.
- The SEC Director General signals forthcoming regulations for crypto exchanges.
- Naira’s recorded a 65% value loss against the US Dollar.
According to Bloomberg reports, Nigeria has declared its intent to outlaw Naira peer-to-peer transactions due to perceived negative impacts on the local currency.
Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), disclosed this decision during a meeting with fintech professionals on Monday. Agama announced that new regulations targeting crypto exchanges, digital asset custodians, and other related sectors will be rolled out “in the coming days.”
In a meeting with the Abuja-based SEC on Monday evening, Agama was quoted as saying, “The thing that needs to be done is delisting the naira from the P2P space in order to avoid the level of manipulation that is currently happening.” He added, “Recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the naira has underscored the need for collective action.”
Nigeria’s latest stance on cryptocurrency follows its recent ban on Binance, the w…
The post Nigeria Set to Ban Peer-to-Peer Crypto Trading Amid Naira Depreciation appeared first on Coin Edition.
