The Federal Government has revealed its intention to remove the naira from all peer-to-peer (P2P) platforms.
Emomotimi Agama, the Director General of the Securities and Exchange Commission, made this announcement during a virtual meeting with blockchain stakeholders held on Monday.
This decision has been prompted by the need to address the manipulation of the local currency’s value in the foreign exchange market.
Over the past few months, regulatory authorities in the country have been conducting investigations and closely monitoring cryptocurrency exchanges.
On March 8, the largest cryptocurrency exchange, Binance, ceased its naira services, further indicating the increasing regulatory scrutiny on cryptocurrency-related activities in the country.
More Details later…
