The Securities and Exchange Commission (SEC) has announced that cryptocurrency exchanges have begun delisting the Nigerian Naira from their Peer-to-Peer (P2P) trading platforms.
This move comes after the SEC, in collaboration with the Office of the National Security Adviser (ONSA), directed digital currency operators to remove the Naira as a fiat currency option for transactions.
Last week, the SEC and ONSA issued a directive to protect the Naira from potential manipulations. The commission has since confirmed that the KuCoin platform has already removed the Naira and is making the necessary adjustments to its technology to accommodate the delisting as soon as possible.
The removal of the Naira from these platforms is expected to limit the ability to manipulate exchange rates against the Nigerian currency, ultimately strengthening its value.
Acting Director General of SEC, Dr. Emomotimi Agama, expressed satisfaction with the crypto exchanges' compliance with the directives from ONSA and SEC, describing it as a positive development. He emphasized the importance of protecting national interests and urged those involved in unethical practices that undermine the country's interests to cease and desist.
Agama stated, "We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law."
As the apex regulator of the capital market, the SEC is collaborating with the Office of the National Security Adviser, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies to ensure that illegality is not allowed to thrive and to achieve the national objective of protecting the Naira.
