Forex Infractions: SEC affirms cryptocurrency exchanges delisting Naira from P2P platforms to strengthen currency value

*The Securities and Exchange Commission says the recent removal of the Naira from cryptocurrency exchanges limits the tendency to manipulate the exchange rates against the Nigerian currency, towards further strengthening the value of the Naira

Isola Moses | ConsumerConnect

As part of practical measures to protect the Naira, Nigeria’s currency from further manipulations, the Securities and Exchange Commission (SEC) has disclosed that cryptocurrency exchanges have commenced delisting of the Naira from Peer-to-Peer (P2P) trading platforms.

ConsumerConnect reports the SEC, in collaboration with the Office of the National Security Adviser (ONSA), recently directed digital currency operators to delist the country’s currency from their platforms in order to safeguard the Naira from manipulations.

The Commission also explained that its checks indicated that the Naira has been removed as a fiat currency option for transactions on KuCoin platform and the exchange has already begun the necessary adjustments to its technology to accommodate the delisting of the Naira as soon as practicable.

The removal of the Naira from the platforms, stated SEC, limits the ability to manipulate the exchange rates against the Nigerian currency, which is expected to further strengthen the value of the Naira.

Dr. Emomotimi Agama, Acting Director-General of SEC, in his comment on the delisting by KuCoin, expressed delight that the crypto exchanges were heeding the directives of ONSA and SEC, according to report.

Agama described the move as a welcome development.

The Acting Director-General 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 noted that as the apex regulator of the Capital market in Nigeria, “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.”