Nigeria to ban peer-to-peer crypto trading in naira
Nigeria’s SEC is set to launch a new regulatory framework for crypto exchanges and custodians “in the coming days.”
The government of Nigeria is preparing to introduce new regulations to ban peer-to-peer (P2P) cryptocurrency exchange using the national currency, the Nigerian naira.
Nigeria’s Securities and Exchange Commission (SEC) is set to launch a new regulatory framework for crypto exchanges, custodians and other industry firms “in the coming days,” Bloomberg reported on May 7.
According to SEC Director General Emomotimi Agama, the new regulations aim to delist the naira from P2P exchanges in order to protect the local currency from manipulation. He stated:
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