In response to concerns over currency manipulation and speculative activities impacting the value of the naira, Cryptocurrency exchanges have initiated the delisting of the Nigerian currency from Peer to Peer (P2P) crypto trading platforms.
According to The Nation, the move was directed by both the Office of the National Security Adviser (ONSA) and the Securities and Exchange Commission (SEC), aims to bolster the stability of the naira against foreign exchange fluctuations.
The decision to remove the naira as a trading option on platforms like KuCoin underscores the government's proactive stance in addressing economic challenges exacerbated by crypto trading.
KuCoin, one of the major players in the Cryptocurrency exchange sphere, has confirmed its compliance with the directives and is currently adjusting its technology to implement the delisting as soon as possible.
Officials have voiced concerns that P2P platforms have been used for speculative activities, contributing to the depreciation of the naira.
By delisting the naira, authorities hope to curb manipulation of exchange rates and reinforce the currency's value. This move aligns with previous directives from the ONSA aimed at safeguarding the stability of the national currency.
The SEC, Nigeria's capital markets regulator, has also been actively involved in implementing these directives. During engagements with stakeholders like the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the SEC has outlined its plans to remove the naira from P2P trading platforms to prevent further manipulation.
Dr. Emomotimi Agama, Acting Director General of the SEC, has commended the compliance of Cryptocurrency exchanges like KuCoin with the directives from the ONSA. He emphasized the importance of protecting national interests and warned against engaging in activities that undermine the integrity of the financial system.
Dr. Agama reiterated the SEC's commitment to collaborating with relevant agencies to combat illegality and ensure compliance with regulations.