The Securities and Exchange Commission (SEC) announced yesterday that crypto exchanges have initiated the delisting of the Naira from Peer-to-Peer (P2P) trading platforms. This action comes following a directive issued last week by SEC in collaboration with the Office of the National Security Adviser (ONSA) to digital currency operators, aimed at safeguarding the Naira from manipulative practices.
According to SEC, checks have revealed that the Naira has been removed as a fiat currency option for transactions on the KuCoin platform, with the exchange already making necessary technological adjustments to facilitate the delisting. The removal of the Naira from these platforms is expected to reduce the possibility of exchange rate manipulations against the Nigerian currency, thereby bolstering its value.
Dr. Emomotimi Agama, the Acting Director General of SEC, expressed satisfaction with the compliance of crypto exchanges with the directives from ONSA and SEC, considering it a positive development. He emphasized the importance of protecting national interests and warned against engaging in activities detrimental to the country’s economic well-being, stating that those disobeying directives will face legal consequences.
Source: PUNCH