The Securities and Exchange Commission, SEC, has announced plans to delist the naira from all peer-to-peer, P2P, platforms.
Speaking during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria, BICCoN, the umbrella body of major blockchain and cryptocurrency associations within the country, The SEC Acting Director General, Emomotimi Agama, said the decision was taken to avoid the level of manipulation happening in the cryptocurrency space.
According to him, concerns regarding crypto P2P traders and their perceived impact on the exchange rate underscores the need for collective action and dialogue within the financial market ecosystem.
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He added that action is being taken to rid the virtual assets space of illegal trading activities, and SEC will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.
P2P platforms allow two parties to connect directly to engage in financial transactions without the involvement of traditional financial institutions.
