In response to directives from the Securities and Exchange Commission (SEC), several crypto exchanges have initiated the delisting process of the Naira from their Peer-to-Peer Trading platforms.
Following collaborative efforts between SEC and the Office of the National Security Adviser, digital operators were instructed to remove the Naira from their platforms to safeguard against currency manipulations.
KuCoin, one of the prominent exchanges, has already taken steps to remove the Naira as a fiat currency option, with adjustments to its technology underway to ensure swift compliance.
This move aims to curb the potential for exchange rate manipulations against the Nigerian currency, thus bolstering the value of the Naira in the market.
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Dr. Emomotimi Agama, Acting Director General of the SEC, commended the proactive response from crypto exchanges, emphasizing the importance of compliance with national directives to uphold the integrity of the currency.
As the apex regulator of the capital market, SEC reaffirms its commitment to collaborate with relevant agencies to prevent illegal activities and protect national interests.
