Crypto Exchanges Begin Delisting Naira Following Government Directives
By Patience Ikpeme
Crypto exchanges have begun implementing the directives of the Office of the National Security Adviser (ONSA) and the Securities and Exchange Commission (SEC) to delist the naira from peer-to-peer (P2P) trading platforms.
KuCoin, a prominent cryptocurrency exchange, has confirmed the removal of the naira as a fiat currency option for transactions. The exchange is currently making the necessary technological adjustments to accommodate the delisting.
A statement from the SEC said “the removal of the naira from these platforms is expected to limit the ability to manipulate exchange rates against the Nigerian currency, thereby strengthening the value of the naira.”
The NSA had issued directives for the naira to be deleted from crypto platforms as part of a strategy to bolster the local currency.
During a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the SEC disclosed its plans to delist the naira from the P2P cryptocurrency trading space to prevent manipulation.
Dr. Emomotimi Agama, Acting Director General of the SEC, expressed delight at the crypto exchanges’ compliance with the ONSA and SEC directives. He urged those involved in sharp practices that undermine national interests to cease and desist, warning that such actions would face legal consequences.
Dr. Agama emphasized the SEC’s cooperation with the ONSA, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies to ensure that illegal activities are not allowed to thrive in the capital market.
