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Headline : Nigeria Set to Ban Peer-to-Peer Crypto Trading Amid Naira Depreciation

Read more from the original article on here at ng.investing.com.





Tags : #nigeria #set #ban #peertopeer #crypto #trading #amid #naira #depreciation


No. of Paragraph 11

According to Bloomberg reports, Nigeria has declared its intent to outlaw Naira peer-to-peer transactions due to perceived negative impacts on the local currency.

Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), disclosed this decision during a meeting with fintech professionals on Monday. Agama announced that new regulations targeting crypto exchanges, digital asset custodians, and other related sectors will be rolled out “in the coming days.”

In a meeting with the Abuja-based SEC on Monday evening, Agama was quoted as saying, “The thing that needs to be done is delisting the naira from the P2P space in order to avoid the level of manipulation that is currently happening.” He added, “Recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the naira has underscored the need for collective action.”

Nigeria’s latest stance on cryptocurrency follows its recent ban on Binance, the world’s largest crypto exchange, and the subsequent arrest of two of its executives in February.

Read more from the original article on here at ng.investing.com.


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