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Dr. Emomotimi Agama, the Acting Director General of the Securities and Exchange Commission (SEC), has revealed the Commission’s intention to exclude the Naira from peer-to-peer (P2P) cryptocurrency trading platforms to mitigate the level of manipulation currently observed in the space.
In a statement issued by the Commission, Dr. Agama made this announcement during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the umbrella organization representing major blockchain and cryptocurrency associations in Nigeria.
Dr. Agama emphasized that recent concerns regarding crypto P2P traders and their perceived impact on the Naira’s exchange rate highlight the imperative for collective action and dialogue within the financial market ecosystem.
He urged participants in the crypto space to exhibit patriotism by identifying and exposing those involved in negative market disruptions.
“We want to ensure that individuals or institutions requiring registration with the SEC are promptly licensed. We will provide guidance when necessary and streamline processes to ease compliance,” Dr. Agama stated.
He continued, “We urge those engaged in practices undermining national interests to cease and desist. It is in our collective interest to safeguard our assets. We encourage you to report bad actors. Together, we can eliminate bad actors and harness the vast potential of this progressive technology for the benefit of all Nigerians in alignment with the government’s renewed hope agenda.”
Dr. Babatunde Oghenobruche Obrimah, Chairman of the Fintech Association of Nigeria, lauded the Director General for his proactive measures and pledged full support from the ecosystem to facilitate the sanitization of the virtual space.
Additionally, BICCoN proposed the establishment of a working group to address various challenges confronting the crypto space and propel market advancement.
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