In response to directives from the Office of the National Security Adviser (ONSA) and the Securities and Exchange Commission (SEC) to delist the naira from Peer-to-Peer Trading platforms, exchanges have started implementing these changes.
KuCoin, one of the leading cryptocurrency exchanges, has already removed the naira as a fiat currency option for transactions and is adjusting its technology to fully comply with the delisting directive.
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Emomotimi Agama, the Acting Director General of the SEC, welcomed KuCoin’s action, stating, “We are happy that they have started complying with the directives by the NSA. We ask that those involved in sharp practices that undermine national interest should cease and desist.”
Agama emphasized the importance of protecting national interests and warned that those disobeying directives would face legal consequences.
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The regulators believe that removing the naira from these platforms will limit the ability to manipulate exchange rates against the Nigerian currency, ultimately strengthening its value.
The NSA’s directive to delist the naira from crypto platforms is part of a strategy to bolster the local currency. Similarly, the SEC, in a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), disclosed plans to delist the naira from Peer-to-Peer (P2P) cryptocurrency trading to prevent the level of manipulation currently happening on these platforms.