As the Nigerian government takes steps to curb the activities of exchange rate manipulators and dollar racketeers, the Securities and Exchange Commission (SEC) has finalized plans to delist the naira from all peer-to-peer cryptocurrency trading platforms.

This was made known by the newly-appointed Director-General of SEC, Emomotimi Agama, during a meeting with members of the Nigerian blockchain industry on Monday.

The meeting was organised by the Blockchain Industry Coordinating Committee of Nigeria.

Agama, who confirmed that the Federal Government was currently drafting a new set of regulations to govern the crypto sector, said it was geared towards stopping every activity in P2P platforms that manipulate the value of the naira.

Nigerian Govt Gives PoS Operators 2-Month Deadline To Register With CAC
Nigerian Govt Plans Suspension Of $57bn Crypto Businesses To Rescue Naira
Dollar Rise Spurs EFCC Crackdown On Currency Manipulation By Cryptocurrency Platforms, Others
Since the value of the naira in the foreign exchange market started nosediving, the Federal Government through its agencies, spearheaded by the Central Bank of Nigeria (CBN) has been persistently making efforts to stabilise it. This also involves curbing the activities of currency speculators in every segment of the economy.

The SEC DG called on the stakeholders in the local crypto community to give the Commission maximum cooperation as the government rolls out the regulations, assuring that all is for the good of the country’s economy.