The Securities and Exchange Commission (SEC) announced yesterday that crypto exchanges have started removing the Naira from Peer-to-Peer (P2P) trading platforms. Last week, in collaboration with the Office of the National Security Adviser (ONSA), the SEC instructed digital currency operators to delist the Naira to protect it from manipulation.
The SEC stated that its investigations showed that the Naira has been removed as a fiat currency option on the KuCoin platform. KuCoin is making the necessary technological adjustments to delist the Naira immediately.
The SEC explained that removing the Naira from these platforms helps prevent exchange rate manipulation, which should strengthen the value of the Nigerian currency.
Acting Director General of the SEC, Dr. Emomotimi Agama, expressed satisfaction with KuCoin’s compliance with the ONSA and SEC directives, calling it a positive step. He stated, “We are pleased they are following the directives. We urge those engaging in practices that harm national interests to stop immediately. It is in our best interest to protect what is ours. Anyone who disobeys these directives will face the full force of the law.”
Agama also mentioned that the SEC, as the top regulator of the capital market, is working with the Office of the National Security Adviser, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies to ensure that illegal activities do not thrive.
