To boost the Naira against the Dollar in the foreign exchange market, the Nigerian government is planning to implement stricter regulations on cryptocurrency platforms.
An upcoming meeting between the Director General of Nigeria Securities and Exchange, Emotomtimi Agama, and both local and international crypto exchanges is on the agenda.
In a statement, Lucky Uwakwe, the chair of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), disclosed this development.
This move for new regulations is a direct result of the Nigerian government’s lifting of the cryptocurrency suspension in December 2023.
Uwakwe emphasized the importance of everyone’s participation and insights as they navigate the regulatory landscape and work towards creating an environment favorable for innovation and growth in the blockchain and cryptocurrency sector.
This meeting occurs amidst the ongoing crackdown on platforms like Binance, OctaFX, and others, due to their impact on the Naira in the forex market.
Recently, the Central Bank of Nigeria halted OPay, Palmpay, Kuda Bank, and Moniepoint from acquiring new customers over allegations of their accounts being involved in illicit foreign exchange transactions.
During a briefing at the 293rd meeting of the Monetary Policy Committee, CBN Governor Olayemi Cardoso revealed that $26 billion was transacted through cryptocurrency without any trace.