Crypto Exchanges Delist Naira From Platforms

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Following the directives of the Office of the National Security Adviser and the Securities and Exchange Commission (SEC) that the naira be delisted from peer-to-peer trading platforms, the exchanges have begun implementing the same.

Checks indicate that the naira has been removed as a fiat currency option for transactions on the KuCoin platform and the exchange has already begun the necessary adjustments to its technology to accommodate the delisting of the Naira as soon as practicable.

Removal of the naira from the platform limits the ability to manipulate exchange rates against the Nigerian currency. This is expected to further strengthen the value of the naira.

The NSA had issued directives that naira be deleted from the crypto platforms as one of the strategies to strengthen the local currency.

 Relatedly, the Securities and Exchange Commission had during a meeting with the Blockchain Industry Coordinating Committee of Nigeria, BICCoN, the umbrella body of all major blockchain and cryptocurrency associations in Nigeria, disclosed the Commission’s plans to delist the Naira from the P2P (peer-to-peer) cryptocurrency trading space in order to avoid the level of manipulation that is currently happening on the platform.

Acting Director General of the SEC, Dr. Emomotimi Agama reacting to the delisting by KuCoin, expressed delight that the crypto exchanges are heeding the directives of the ONSA and the SEC describing it as a welcome development.

 He said, “We are happy that they have started complying with the directives issued by the NSA. We ask that those involved in sharp practices that undermine the national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law.

He stated that as the apex regulator of the capital market, the SEC is co-operating with the Office of the National Security Adviser, the Economic and Financial Crimes Commission and other relevant agencies to achieve the national objective of making sure that illegality is not allowed to thrive.