Nigeria’s Potential Ban on P2P Crypto Transactions: A Major Blow for Bitcoin (BTC) and Fintech Industry

• Nigeria’s government is proposing a ban on P2P trading platforms that utilize the local currency, citing concerns over Naira manipulation.
• The proposed ban, along with ongoing legal battles with major exchanges, puts the future of Nigerian crypto into uncertainty.
• The Nigerian Securities and Exchange Commission alleges that crypto participants and exchanges are manipulating the Naira’s value through P2P transactions.

Nigeria’s government is proposing a ban on P2P trading platforms, citing concerns over Naira manipulation. This move, coupled with ongoing legal battles with major exchanges, throws the future of Nigerian crypto into uncertainty.

Naira Under Siege? The P2P Battleground

The Nigerian Securities and Exchange Commission (SEC) alleges that crypto participants and exchanges are manipulating the Naira’s value through P2P transactions. Emomotimi Agama, the newly appointed Director-General, suggests delisting the Naira from all P2P platforms as a remedy. The potential P2P ban would significantly restrict Nigerian crypto investors. P2P platforms offer a convenient and often cheaper way to buy and sell crypto using local currency compared to traditional exchange channels. With the Naira delisted, Nigerians would face hurdles in entering and exiting the crypto market, potentially hindering its growth and adoption.

Crypto Exchanges Feeling The Heat