The Acting Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has advocated delisting the Naira from peer-to-peer (P2P) cryptocurrency trading platforms to combat market manipulation.
Dr Agama made this known during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), where he talked about cleaning up virtual asset spaces from illegal trading activities.
Referring to the meeting, a statement from the Commission said:
Agama stated that one of the things that needs to be done is delisting the naira from the P2P space to avoid the level of manipulation that is currently happening, enjoining participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.
Dr. Agama stressed the SEC’s commitment to enforcing the Investments and Securities Act of 2007 despite technological advancements in digital assets. He said the recent surge in P2P crypto trading has impacted the Naira’s exchange rate, prompting the SEC to consider delisting the Naira from P2P platforms.
In response, the Commission issued a statement urging participants in the crypto space to cooperate in identifying and addressing disruptive market practices. Dr Agama also revealed that the SEC is developing regulatory guidelines for the digital asset sector. The guidelines will cover various crypto-related activities to create a well-regulated marketplace.
In similar developments, Nigeria’s National Security Adviser (NSA) categorised cryptocurrency trading as a matter of national security. Subsequently, the Central Bank of Nigeria (CBN) issued directives to four fintech startups operating within the country—Opay, Moniepoint, Paga, and Palmpay—to suspend the accounts of customers involved in cryptocurrency transactions and to promptly report such activities to law enforcement authorities.
Following the recent efforts to crack down on cryptocurrency, Dr. Agama urged citizens involved in crypto trading to cooperate with him.
We ask that those involved in sharp practices that undermine national interest should cease. It is in our interest as a people to protect what belongs to us. We encourage you to contact us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda, he stated.
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