The Nigerian government has revealed intentions to delist the national currency, the Naira, from all peer-to-peer (P2P) trading platforms.Emomotimi Agama, the Director General of the Nigerian Securities and Exchange Commission (SEC), reportedly revealed this plan during a virtual meeting with the country’s blockchain stakeholders today as part of a wider effort to combat the manipulation of the local currency in the foreign exchange market.Meanwhile, local stakeholders have blamed the rise of P2P crypto trading in the country on inadequate regulation.Nigeria is Africa’s most populous country. Its young population has propelled crypto adoption to record highs despite recent regulatory pushbacks, with Chainalysis ranking Nigeria second on its global crypto adoption index.The development marks a significant regulatory shift, following a more accommodating stance toward crypto during the early days of President Bola Tinubu’s administration. However, recent months have seen a reversal in the government’s stance, with authorities blaming crypto speculators for exacerbating foreign exchange market volatility.Over the past few months, the Nigerian government has enlisted telecommunication providers to block local crypto users’ access to exchange platforms like Binance and OctaFX. The authorities have also blamed crypto exchange Binance for facilitating billions worth of trades, compounding the pressure on the Naira.Additionally, authorities have instructed financial institutions in the country to block accounts engaged in crypto dealings and report such activities to law enforcement. Furthermore, the government ordered four fintech companies to stop onboarding new customers as part of ongoing efforts to bolster Know Your Customer (KYC) compliance.Olumide Adesina, a financial journalist, said these moves showed that the “crypto industry faces extinction as the FG’s interest supersedes the populace interest in digital assets and the evolving technology.”Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Join our X community for real-time crypto news and expert insights.The Nigerian government maintains Gambaryan and Binance would be allowed to themselves in court.The lawmakers argued Gambaryan is being held as part of a coercion tactic by the Nigerian government to extort Binance.Tigran Gambaryan has been held in Nigeria since February 26.Stakeholders warn that the continued detention of Binance executives in Nigeria could cause reputational damage for the country.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
