Nigeria intends to ban the use of naira on peer-to-peer (P2P) trading platforms.
The news comes after the government, represented by the Securities and Exchange Commission (SEC), held a meeting with the #blockchain community.
The latest #cryptocurrency news from Africa is that Nigeria plans to delist the local naira currency from all cryptocurrency trading platforms (P2P) in the country.
PUNCH newspaper reported early Tuesday that the federal government, through the Securities and Exchange Commission (SEC), is in the process of removing the naira from all P2P crypto platforms.
The move comes against the backdrop of the government's efforts to clamp down on suspected dollar racketeers and exchange rate manipulators.
This latest move on Nigerian #cryptocurrencies follows a meeting attended by the newly appointed Director General of SEC, Mr. Emomotimi Agama and the Nigerian blockchain community. At the meeting, Agama revealed the government's plans for the naira.
The government will not tolerate any manipulation that threatens Nigeria's markets and interests, but plans to work closely with the industry to promote responsible growth and innovation.
Agama's speech to the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) emphasized the government's willingness to engage and collaborate in the cryptocurrency sector.
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