Delisting of Naira from cryptocurrency exchange

The delisting of Naira from cryptocurrency exchange platforms

The Exchanges have started putting into practice the Office of the National Security Adviser’s and the Securities and Exchange Commission’s (SEC) recommendations that the naira be removed from peer-to-

peer trading platforms.

According to checks, the naira is no longer available for use as a fiat currency on the KuCoin platform. The Exchange has also started making the required technological changes to enable the naira’s delisting as

soon as is reasonably possible.

When the naira is removed from the platforms, it becomes more difficult to influence exchange rates in relation to Nigerian currency. It is anticipated that this will increase the naira’s value.

One of the tactics the NSA used to fortify the local currency was to order the removal of naira from cryptocurrency platforms.

In a related development, the SEC revealed its intentions to remove the Naira from P2P (peer-to-peer) cryptocurrency trading in order to prevent the level of manipulation that is currently occurring on the

platform during a meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the governing body of all significant blockchain and cryptocurrency associations in Nigeria.

In response to KuCoin’s delisting, interim SEC director-general Dr. Emomotimi Agama noted with satisfaction that cryptocurrency exchanges are following SEC and ONSA guidelines, calling this a positive

development.

“We are pleased that they have begun adhering to the NSA’s directives,” he stated. We demand that those engaged in cutting activities that jeopardize the interests of the country stop. Protecting our

property is in our best interests as a people. Anyone who disregards instructions should be prepared to bear the full consequences of their actions.

According to Agama, the SEC is working with the Office of the National Security Adviser, the Economic and Financial Crimes Commission, and other pertinent organizations as the top capital market regulator

to accomplish the goal of ensuring that criminal activity is prevented from flourishing.