Nigeria Securities and Exchange Commission (SEC) has proposed a plan to remove the naira, Nigeria’s currency from all peer-to-peer (P2P) cryptocurrency platforms. This decision was announced during a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) by Emomotimi Agama, the acting director general of SEC. The aim is to address concerns about manipulation in the cryptocurrency space and its impact on exchange rates.
During the meeting, Agama emphasized the importance of collaboration and cooperation in addressing industry challenges acknowledging the insights and suggestions from stakeholders. The SEC aims to work with stakeholders to combat market manipulation within the cryptocurrency sector.
Emphasizing practices within the market, Agama also welcomed input on managing cryptocurrency trading activities, particularly peer-to-peer transactions. “We need to come up with creative solutions for this issue while finding a balance between promoting innovation and protecting our country’s economic interests. Our approach will be both friendly and assertive to ensure we get the desired outcome ” he said.
The acting head of the organization also emphasized that the SEC’s actions are supported by the Investments and Securities Act of 2007 which some individuals may be breaching. “While some may think there are no rules to follow, it’s important to remember that we have laws like the Investments and Securities Act of 2007 that some participants might be violating with their actions today. The law is clear regardless of the technology being used ” Agama pointed out.
He relayed President Tinubus’s wish for people to do what is right and create an environment in which our nation can take pride. “Activities that go against our interests, including manipulations will not be tolerated. It’s crucial to understand that Section 13 of the ISA empowers the SEC to regulate all capital market operations ” Agama emphasized.
As Nigeria deals with challenges posed by the cryptocurrency market, the SEC’s plan to remove the naira from P2P platforms represents a move, towards gaining control over this sector.
The commission’s partnership, with BICCoN and various stakeholders is expected to establish a groundwork for a cryptocurrency ecosystem that’s more regulated and transparent, within the nation.
