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Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), has urged members of Nigeria’s crypto community to reveal the identities of individuals involved in the manipulation of the naira.
Agama made this appeal during an ongoing meeting organized by the Blockchain Industry Coordinating Committee of Nigeria on Monday to engage with industry stakeholders.
Expressing concern, the DG emphasized that certain individuals within the industry were engaging in activities that adversely affected the national currency, a practice vehemently opposed by the government.
“We earnestly request that those engaging in unethical practices cease their activities. We implore you to come forward and expose those responsible,” Agama urged.
He underscored the importance of fostering patriotism and upholding the honor of the nation, asserting that the future prosperity of Nigeria hinges on the integrity of its citizens.
“Our goal at the SEC is to create a conducive environment for fintech innovation to thrive. In return, we expect the fintech community to uphold ethical standards,” Agama emphasized.
He further addressed concerns regarding crypto peer-to-peer (P2P) traders and their potential impact on the stability of the naira, highlighting the significance of addressing these issues collectively.
In 2021, the Central Bank of Nigeria (CBN) imposed restrictions on banks and financial institutions from providing services to cryptocurrency entities. However, in December 2023, the ban was lifted, signaling a change in policy.
Fresh concerns arose in February regarding the activities of Binance, the world’s largest cryptocurrency exchange, particularly on its P2P platform. Authorities attributed these activities to the depreciation of the naira and the destabilization of Nigeria’s economy.
According to the 2023 Geography of Cryptocurrency Report by Chainalysis, Nigeria witnessed a nine percent year-over-year increase in crypto transactions, reaching $56.7 billion between July 2022 and June 2023.
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