Would you like to receive notifications on latest updates of the following headlines?

FG to Ban Naira from Crypto Trading Platforms

POSTED ON May 7, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
Naira Notes l Credit:Nairametric l Source: Nairametric.com

The Securities and Exchange Commission, on behalf of the Federal Government, is planning to remove the naira from all peer-to-peer crypto platforms to combat exchange rate manipulation and illegal dollar trading.

This decision follows the government's recent initiatives to regulate Nigeria's $57 billion crypto market.

The newly appointed Director-General of the Commission, Emomotimi Agama, revealed this plan during a meeting with representatives from the Nigerian blockchain industry, which was coordinated by the Blockchain Industry Coordinating Committee of Nigeria.

Agama verified that the government is in the process of creating a new set of rules to regulate the cryptocurrency sector.

It has been alleged that operators in the cryptocurrency space have been using P2P platforms to manipulate the naira and the exchange rate.

"This is a necessary step to protect this sector; removing the naira from P2P platforms is essential to prevent the current level of manipulation. I urge your collaboration as we implement regulations in the near future," stated the SEC DG to members of the local cryptocurrency community.

Agama’s announcement came barely a week after the Central Bank of Nigeria instructed payment service banks to caution their customers against engaging in crypto transactions.

READ ALSO
IMF Commends FIRS for Reforms, Pledges Continued Support
BY Abiodun Saheed Omodara July 10, 2025 0

The International Monetary Fund has expressed its support for the ongoing reforms at the Federal Inl...

READ ALSO
FG Urges Judiciary to Strengthen Capital Market for Economic Growth
BY Abiodun Saheed Omodara July 8, 2025 0

The Federal Government has called on the judiciary to take a proactive role in strengthening the cap...

READ ALSO
Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...

READ ALSO
CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...

READ ALSO
Two Men Charged in CBEX Investment Scheme Remain in Custody
BY Abiodun Saheed Omodara July 8, 2025 0

A Federal High Court in Abuja has placed two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, in...

READ ALSO
Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 7, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...

READ ALSO
Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 6, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...

READ ALSO
Nigerian Investors Launch $5 Billion Cooperative Trust Fund to Empower MSMEs
BY Abiodun Saheed Omodara July 6, 2025 0

A coalition of Nigerian investors has introduced a Cooperative Trust Fund valued at $5 billion, aime...

OUR CHANNELS:

Ex-D’Tigers coach Brown sets goals for new job
BY Abiodun Saheed Omodara July 9, 2025 0

The former head coach of the Nigerian men's national basketball team, D'Tigers,Mike Brown,has s...


U.S. Reduces Visa Duration for Nigerians to Three Months
BY Abiodun Saheed Omodara July 10, 2025 0

The U.S. Department of State has changed its five-year visa policy for Nigerians applying for non-im...


JAMB Sets 2024 Cut-Off Marks for Tertiary Institutions
BY Abiodun Saheed Omodara July 10, 2025 0

The Joint Admissions Matriculation Board announced the admission cut-off marks for universities, pol...


Federal Government Launches Exclusive Passport Office for Senior Officials
BY Abiodun Saheed Omodara July 10, 2025 0

ABUJA, Nigeria - The federal government on Tuesday, inaugurated a new passport front office in Abuja...


African Democratic Congress Claims Government Coercion to Weaken Opposition Coalition
BY Abiodun Saheed Omodara July 9, 2025 0

The African Democratic Congress (ADC) has accused President Bola Tinubu’s administration of ta...


FG Urges Judiciary to Strengthen Capital Market for Economic Growth
BY Abiodun Saheed Omodara July 9, 2025 0

The Federal Government has called on the judiciary to take a proactive role in strengthening the cap...


Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 10, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...


CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...


Nigeria Faces Teacher Shortage: Over 31 Million Learners Rely on Just 915,913 Educators
BY Abiodun Saheed Omodara July 9, 2025 0

According to data from the Universal Basic Education, only 915,913 teachers are available for at lea...


Tinubu Calls for Equitable Global Framework at BRICS Summit
BY Abiodun Saheed Omodara July 10, 2025 0

President Bola Tinubu has advocated for a more equitable global framework regarding climate action,...


More Articles

Load more...

Menu