Rate Manipulation: SEC Moves to Delist Naira from P2P Crypto Space

The Ag Director General of the Securities and Exchange Commission (SEC) Dr. Emomotimi Agama, has disclosed the Commission’s plans to delist the Naira from P2P (peer-to-peer) crypto currency trading space in order to avoid the level of manipulation that is currently happening on the platform.

A statement by the Commission yesterday, quoted Dr. Agama as saying this during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) the umbrella body of all major blockchain and cryptocurrency associations in Nigeria.

He pointed out that the recent concerns regarding P2P crypto space  traders and their perceived impact on the exchange rate of the Naira have underscored the need for collective action and dialogue within the financial market ecosystem.

He, therefore, enjoined participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.

He said: “I want to seek your cooperation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institutions that require registration with the SEC are quickly licensed. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.

“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda” he added.

In his remarks, the Chairman of the Fintech Association of Nigeria, Dr. Babatunde Oghenobruche Obrimah, commended the Director General for his bold steps and the relationship with the ecosystem and pledged their commitment to work with the DG and grant him all the support that will help him succeed in sanitizing the virtual ecosystem.

On their part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space and in a bid to move the market forward.