The Federal Government has announced plans to delist the naira from all peer-to-peer (P2P) platforms.

The Director General of the Securities and Exchange Commission (SEC), EMOMOTIMI AGAMA stated this during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria, the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria.

He pointed out that the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira have emphasized the need for collective action and dialogue within the financial market ecosystem.

He noted that in a bid to rid the Virtual Assets space of illegal trading activities, the Commission will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.

AGAMA stated that the SEC Nigeria will not hesitate to utilize all the powers within its mandate to handle issues that are negative and pose a threat to national interest.