The Acting Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has revealed the Commission’s intentions to remove the Naira from peer-to-peer (P2P) cryptocurrency trading platforms. This move aims to prevent the ongoing manipulation observed in the platform.
In a statement released by the Commission yesterday, Dr. Agama made this disclosure during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), which represents major blockchain and cryptocurrency associations in Nigeria. He emphasized that recent concerns about crypto P2P traders and their perceived impact on the Naira’s exchange rate highlight the necessity for collective action and dialogue within the financial market ecosystem.
Dr. Agama urged participants in the crypto space to be patriotic enough to identify and condemn those involved in disrupting the markets negatively. He stated, “I want to seek your cooperation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institutions that require registration with the SEC are quickly licensed. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult. 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. We encourage you to reach out to 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.”
Dr. Babatunde Oghenobruche Obrimah, Chairman of the Fintech Association of Nigeria, commended the Director-General for his bold steps and his relationship with the ecosystem. He pledged his commitment to working with the DG and providing all necessary support to help him succeed in sanitizing the virtual ecosystem.
In response, BICCoN requested the establishment of a working group to address the various challenges facing the crypto space and advance the market.
