As an analyst with a background in financial regulation and experience living in West Africa, I find the latest developments in Nigeria’s cryptocurrency landscape both intriguing and concerning. The Nigerian Securities and Exchange Commission (SEC) aiming to ban peer-to-peer (P2P) cryptocurrency exchanges using the local currency seems like a step towards better regulation of the industry, but it raises valid questions about how this will impact the average Nigerian user.
The Nigerian authorities are planning to impose fresh restrictions on P2P crypto trading platforms, prohibiting their use with the Nigerian Naira (NGN) as a means of exchange.
The Securities and Exchange Commission (SEC) of Nigeria is poised to introduce a fresh regulatory scheme for crypto exchanges, custodians, and related businesses “in the near future,” according to a report by Bloomberg published on May 7th.
The SEC Director General, Emomotimi Agama, has revealed that the latest regulations intend to remove the naira from Peer-to-Peer (P2P) exchanges with the primary objective of shielding our local currency from potential manipulation.
“Recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the naira has underscored the need for collective action.”
In February 2024, Binance, a well-known global cryptocurrency exchange, was hit with a local ban and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, were arrested.
Gambaryan, currently imprisoned at the Kuje correctional facility in Abuja, is set to stand trial this month for alleged offenses involving tax evasion, currency speculation, and money laundering.
This is a developing story, and further information will be added as it becomes available.
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2024-05-07 12:28