Dr. Emomotimi Agama, the Acting Director General of the Securities and Exchange Commission (SEC), has announced the Commission’s intention to remove the Naira from peer-to-peer (P2P) cryptocurrency trading platforms to address concerns about manipulation.
In a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Dr. Agama emphasized the need for collective action and dialogue within the financial market ecosystem to tackle the perceived impact of crypto P2P traders on the Naira’s exchange rate.
Dr. Agama urged participants in the crypto space to be vigilant and expose those involved in disrupting the markets negatively. Dr. Babatunde Oghenobruche Obrimah, Chairman of the Fintech Association of Nigeria, lauded Dr. Agama’s bold steps and pledged support to work collaboratively with the SEC to sanitize the virtual ecosystem. Additionally, BICCoN proposed the establishment of a working group to address the challenges facing the crypto space and propel the market forward.
Source: Vanguard