Nigeria Imposes Ban on P2P Crypto Trading Amidst Naira (NGN) Depreciation: Impact on Bitcoin (BTC) and Other Cryptocurrencies
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- Nigeria has announced plans to ban Naira peer-to-peer transactions, citing negative impacts on the local currency.
- The Director General of the Securities and Exchange Commission (SEC) has indicated that new regulations for crypto exchanges are imminent.
- This comes in the wake of the Naira losing 65% of its value against the US Dollar.
Nigeria is set to impose a ban on Naira peer-to-peer transactions and introduce new regulations for crypto exchanges, following the Naira’s significant depreciation against the US Dollar.
Nigeria Plans to Ban Naira Peer-to-Peer Transactions
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. This decision was disclosed by Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), during a meeting with fintech professionals on Monday.
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