The Securities and Exchange Commission (SEC) has announced that crypto exchanges are in the process of delisting the Naira from Peer-to-Peer (P2P) trading platforms.
This move follows a directive issued by the SEC in collaboration with the Office of the National Security Adviser (ONSA) aimed at protecting the Nigerian currency from manipulation.
The SEC revealed that KuCoin, a notable crypto exchange, has started the process of removing the Naira as a fiat currency option for transactions.
The platform is also adjusting its technology to fully implement the delisting as soon as possible.
The main objective of this action is to limit the ability to manipulate exchange rates against the Naira, thereby strengthening its value. Acting Director General of SEC, Dr. Emomotimi Agama, expressed satisfaction with the compliance from exchanges like KuCoin, describing it as a positive development.
“We are happy that they have started complying with the directives by the ONSA. We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law,” Agama stated.
He further added that as the apex regulator of the capital market, SEC is cooperating with the ONSA, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies to ensure that illegal activities do not thrive in the market.
