The Federal Government has announced intentions to remove the Naira from all peer-to-peer (P2P) platforms. Emomotimi Agama, the Director General of the Securities and Exchange Commission, revealed this during a virtual meeting with blockchain stakeholders on Monday. The objective is to address the manipulation of the Naira’s value in the foreign exchange market.
In recent months, regulatory authorities in the country have been closely examining cryptocurrency exchanges. On March 8, the largest cryptocurrency exchange, Binance, ceased its Naira services.