In a move to address the current foreign exchange crisis, the Federal Government has announced its intention to remove the Naira from all peer-to-peer (P2P) platforms.
During a virtual meeting with blockchain stakeholders on Monday, the Director General of the Securities and Exchange Commission, Emomotimi Agama, revealed this decision.
The aim of this measure is to combat the manipulation of the Naira’s value on the forex market.
Recent months have seen regulatory authorities in the country intensify their scrutiny of cryptocurrency exchanges.
On March 8, the largest cryptocurrency exchange, Binance, ceased its Naira services.