The International Monetary Fund has advised Nigeria to ask global crypto trading platforms to register or obtain licenses to operate in the country, subjecting them to regulatory requirements.

IMF emphasised the need for Nigeria to establish a robust regulatory framework to oversee the growing cryptocurrency market, ensuring financial stability and protecting investors.

This recommendation was made in the IMF’s latest staff report, following the conclusion of its 2024 Article IV consultation with Nigeria.

The report highlighted; “Global crypto trading platforms should be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries following the principle of the same activity, same risk, and same regulation.”

In the last three months, cryptocurrency trading platforms have come under scrutiny on the suspicion that they were manipulating the local currency’s value in the foreign exchange market.

On Monday, the Director General of the Securities and Exchange Commission, Emomotimi Agama, said delisting the naira from P2P platforms was necessary to avoid the level of manipulation.

The Central Bank of Nigeria had directed fintech companies operating in the country to block the accounts of customers engaging in cryptocurrency transactions and to report those transactions to law enforcement agencies.