The Federal Government of Nigeria is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers.

This was revealed by the Director-General of the Securities and Exchange Commission, Emomotimi Agama, during a meeting with members of the Nigerian blockchain industry.

Agama confirmed that the government was currently drafting a new set of regulations to govern the crypto sector.

“That is one of the things that must be done to save this space; delisting the naira from the P2P platforms to avoid the level of manipulation currently happening". 

"I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.

Operators in the crypto space have allegedly used the P2P platforms to manipulate the naira and the exchange rate.

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.