The Securities and Exchange Commission (SEC), has revealed that crypto exchanges have commenced delisting of the Naira from Peer-to-Peer (P2P) trading platforms in line with recent instructions from the Federal government.
Africa Today News, New York recalls that SEC had, last week in collaboration with the Office of the National Security Adviser (ONSA), directed digital currency operators to delist the Naira from their platforms as part of measures to protect the currency from manipulations.
The commission explained that its checks have indicated that the Naira has been removed as a fiat currency option for transactions on the KuCoin platform. The exchange has already begun making the necessary technological adjustments to accommodate the delisting of the Naira as soon as possible.
It explained that the removal of the Naira from the platforms limits the ability to manipulate the exchange rates against the Nigerian currency which is expected to further strengthen the value of the naira.
Read Also: EFCC Declares War Against Illegal Forex Trading, Naira Abuse
Acting Director General of SEC, Dr. Emomotimi Agama, reacting to the delisting by KuCoin, expressed delight that the crypto exchanges were heeding the directives of ONSA and SEC, describing it as a welcome development.
He stated: “We are happy that they have started complying with the directives by the ONSA. We ask that those involved in sharp practices that undermine 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”.
Agama added that as the apex regulator of the capital market, “SEC is co-operating with the Office of the National Security Adviser, the Economic and Financial Crimes Commission (EFCC) and other relevant agencies to achieve the national objective of making sure that illegality is not allowed to thrive”.