• Nigerian authorities, including the Office of the National Security Adviser (NSA) and the Securities and Exchange Commission (SEC), are cracking down on the use of Naira in P2P crypto trading.
• Platforms like KuCoin have already begun delisting Naira as a trading option and are making necessary technological adjustments.

In a move to combat currency manipulation, Nigerian authorities have directed crypto exchanges to delist the Naira from peer-to-peer (P2P) trading platforms. This follows the arrest of Binance officials in April and aligns with efforts to strengthen the local currency.

Following directives from the Office of the National Security Adviser (NSA) and the Securities and Exchange Commission (SEC), Nigerian crypto exchanges are delisting the Naira from peer-to-peer (P2P) trading platforms. This move aims to curb the manipulation of the Naira’s exchange rate.

The SEC believes removing the Naira from P2P trading will limit the ability to manipulate the currency’s value, potentially strengthening the Naira.

During a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the SEC disclosed their plan to delist the Naira from P2P platforms to address the current manipulation concerns. Platforms like KuCoin have already begun the process, removing the Naira as a trading option and making necessary technical adjustments.

Dr. Emomotimi Agama, Director General of the SEC, welcomed the compliance by crypto exchanges. He emphasized the importance of ending “sharp practices” that undermine national interests. Dr. Agama stated, “We are happy they are complying with the directives. We urge those involved in such practices to cease and desist. It’s in our national interest to protect our currency. Anyone disobeying these directives will face the full weight of the law.”

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