By Adedapo Adesanya
The Nigerian Securities and Exchange Commission (SEC) has unveiled plans to delist the Naira from the peer-to-peer (P2P) cryptocurrency trading space in its latest attempt to tackle the space it believes is manipulating the local currency.
The acting Director General of the commission, Mr Emomotimi Agama, disclosed this according to a statement on Monday.
Speaking 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 crypto P2P 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 then enjoined participants in the crypto space to be patriotic enough to name and shame those involved in disrupting the markets negatively.
“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 ensure 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, Mr 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 in a bid to move the market forward.
Modupe Gbadeyanka