Federal Government to Delist Naira from Peer-to-Peer Platforms

Federal Government to Delist Naira from Peer-to-Peer Platforms

By Muminat Ajide

In a move aimed at curbing the manipulation of the naira’s value in the foreign exchange market, the Federal Government has announced plans to delist the currency from all peer-to-peer (P2P) platforms. This decision was revealed by the Director General of the Securities and Exchange Commission, Emomotimi Agama, during a virtual meeting with blockchain stakeholders on Monday.

The decision to remove the naira from P2P platforms comes amidst growing concerns over the stability of the local currency and its susceptibility to manipulation by external forces.

Emomotimi Agama emphasized the necessity of this action in safeguarding the integrity of the country’s financial system and ensuring a level playing field for all market participants.

The move by the Federal Government follows similar actions taken by major cryptocurrency exchanges, such as Binance, which ceased its naira services on March 8, 2024.

While specific details regarding the implementation of this decision are yet to be disclosed, stakeholders in the blockchain community anticipate further developments in the coming days.


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