The federal government has unveiled plans to remove the naira from all peer-to-peer (P2P) exchanges, a decision aimed at tackling concerns related to the manipulation of the local currency’s value in the foreign exchange market.
The announcement was made by Emomotimi Agama, the Director General of the Securities and Exchange Commission, during a virtual conference with blockchain stakeholders convened on Monday.
This move underscores the government’s commitment to regulating the cryptocurrency landscape, particularly in light of escalating concerns surrounding currency manipulation and its implications for the broader economy.
In recent months, regulatory oversight of cryptocurrency exchanges in the country has intensified, reflecting a concerted effort to address potential risks and ensure the stability of financial markets.
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