The Securities and Exchange Commission (SEC) has taken a major step in its efforts to regulate the cryptocurrency market in Nigeria, directing cryptocurrency exchanges to delist the naira as a trading option.
SEC’s move is in line with the Federal Government’s broader efforts to address concerns about the impact of peer-to-peer (P2P) crypto trading on the value of the naira.
According to a statement from the SEC, KuCoin, a major cryptocurrency exchange, has confirmed that it will remove the naira as a fiat currency option for transactions.
KuCoin is currently working to make the necessary technical adjustments to accommodate the delisting of the naira as soon as possible.
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The SEC’s decision to delist the naira from P2P platforms is aimed at preventing the manipulation of the exchange rates against the Nigerian currency.
Officials believe that P2P platforms have been used for speculative activities that have contributed to the naira’s depreciation.
By removing the naira as a trading option, the government hopes to further strengthen the value of the naira and promote greater stability in the foreign exchange market.
The SEC has been working closely with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) to ensure a smooth implementation of the delisting.
Dr Emomotimi Agama, Acting Director General of the SEC commended the compliance demonstrated by cryptocurrency exchanges like KuCoin and warned those engaged in “sharp practices that undermine national interest” to desist.
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