In a recent development, the Federal Government has revealed intentions to remove the Naira from all peer-to-peer (P2P) platforms.
The announcement came during a virtual meeting with blockchain stakeholders on Monday, as disclosed by Emomotimi Agama, the Director General of the Securities and Exchange Commission.
This decision is a strategic move aimed at addressing concerns regarding the manipulation of the local currency’s value in the foreign exchange market.
Over recent months, regulatory authorities in the country have intensified their scrutiny of cryptocurrency exchanges, investigating various aspects of their operations.
The decision follows significant actions taken by cryptocurrency exchanges in response to regulatory pressures.
On March 8, Binance, one of the largest cryptocurrency exchanges globally, ceased its Naira services, signaling a shifting landscape for digital currency transactions in Nigeria.
