Naira Delisted from Crypto Platforms
By Patience Ikpeme
In response to directives from the Office of the National Security Adviser (ONSA) and the Securities and Exchange Commission (SEC), peer-to-peer (P2P) trading platforms have commenced the removal of the Nigerian naira from their fiat currency options.
A statement from the SEC revealed that KuCoinplatform has initiated the implementation of this directive, indicating a significant step towards compliance.
The SEC noted noted that KuCoinplatform has already initiated adjustments to its technology infrastructure to facilitate the removal of the naira as a transactional currency. This move, aimed at curbing exchange rate manipulation against the Nigerian currency, is expected to bolster the value of the naira in the long run.
The directives issued by the NSA and SEC are part of broader strategies to fortify the local currency and mitigate potential threats to its stability. The SEC, during discussions with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), disclosed plans to delist the naira from P2P cryptocurrency trading spaces to counter ongoing manipulative activities.
Dr. Emomotimi Agama, Acting Director General of the SEC, commended the compliance of crypto exchanges with the directives, viewing it as a positive development. In his statement, Dr. Agama emphasized the importance of adhering to national directives and discouraged any practices that undermine the nation’s interests.
He reiterated the SEC’s commitment to collaborating with relevant agencies, including the ONSA and the Economic and Financial Crimes Commission (EFCC), to combat illegality and uphold regulatory integrity in the capital market.
As regulatory bodies and industry stakeholders work towards safeguarding the integrity of financial markets, the delisting of the naira from crypto platforms marks a significant step towards ensuring transparency and stability in the cryptocurrency ecosystem. Compliance with regulatory directives is essential in fostering a conducive environment for sustainable economic growth and protecting national interests.
