FG plans to remove Naira from all P2P platforms to curb manipulation
In a bid to address the rampant manipulation of the naira’s value in the foreign exchange market, the Federal Government has unveiled plans to delist the Nigerian currency from all peer-to-peer (P2P) platforms. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), disclosed this during a virtual meeting with blockchain stakeholders on Monday, May 6, 2024.
The decision to remove the naira from P2P platforms underscores the government’s commitment to restoring stability and integrity to the local currency amidst persistent market distortions. Agama emphasized the necessity of this measure as part of broader efforts to regulate the burgeoning blockchain and cryptocurrency space effectively.
He asserted, “Delisting the naira from P2P platforms is imperative to counteract the rampant manipulation that currently plagues the foreign exchange market. We seek your cooperation in addressing this issue as we unveil comprehensive regulations in the forthcoming days.”
The move comes amid growing concerns over the susceptibility of the naira to speculative trading and market manipulation, exacerbated by its presence on P2P platforms. By delisting the currency from these platforms, regulators aim to mitigate the adverse impact of speculative trading on the stability and value of the naira.
As stakeholders await further details on the government’s regulatory framework, the decision to delist the naira from P2P platforms reflects a proactive approach to safeguarding the integrity of Nigeria’s financial ecosystem. It underscores the government’s resolve to implement robust measures to combat illicit activities and foster a transparent and secure trading environment.
