By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Forex Manipulation: FG Moves to Delist Naira from P2P Crypto Exchanges
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

Forex Manipulation: FG Moves to Delist Naira from P2P Crypto Exchanges

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: May 6, 2024
Share
2 Min Read
SHARE

In a bid to curb manipulation of the Naira’s value in the foreign exchange market, the Federal Government of Nigeria has announced its decision to remove the Naira from all peer-to-peer (P2P) exchanges.

The directive was communicated by the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, during a virtual conference with blockchain stakeholders on Monday.

Agama highlighted that the delisting of the Naira from P2P platforms is part of a series of regulations slated for rollout in the coming days.

The move aims to address the rampant manipulation of the local currency’s value observed in the foreign exchange market.

- Advertisement -

“That is one of the things that must be done to save this space,” stated Agama.

“The delisting of the Naira from the P2P platforms is necessary to avoid the level of manipulation that is currently happening.”

He urged stakeholders to cooperate with the SEC as it finalizes regulations to enhance transparency and accountability within the crypto space.

During the virtual meeting, Agama reaffirmed the SEC’s commitment to collaborating with stakeholders and emphasized the commission’s ongoing review of guidelines to promote best practices in the industry.

- Advertisement -

He expressed concern over market players manipulating the Naira’s value and underscored the SEC’s efforts to ensure global respect for the crypto environment through collaborative measures.

The SEC’s decision comes on the heels of a recent directive from the Central Bank of Nigeria (CBN) to fintech firms, instructing them to caution their customers against participating in crypto transactions.

Regulatory scrutiny of cryptocurrency exchanges has intensified in Nigeria in recent times, leading to significant actions such as the cessation of Naira services by the largest cryptocurrency exchange, Binance, on March 8.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:FG
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Presidential Aircraft Issue Forces VP Shettima to Cancel Trip to US-Africa Summit
Next Article Central Bank of Nigeria (CBN) CBN Directs Banks to Begin Deduction of Cybersecurity Levy from May 20

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Police Blockade of PDP Secretariat Triggers Political Turmoil and Heated Reactions
Politics
APC Welcomes Kwankwaso Back to Collaborate with President Tinubu
Politics
Olubunmi Tunji-Ojo
FG Hails Success of E-Visa System, Processes Over 14,000 Applications in Six Weeks
News
Google Releases June 2025 Core Update
Tech
NELFUND
NELFund Warns Students Against Fake Loan Portal, Urges Caution Over Fraudulent Links
Education
- Advertisement -
Ad imageAd image

You May Also Like

International

Tinubu and Saint Lucia’s Prime Minister Agree to Establish Formal Diplomatic Relations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Ali Bukar Dalori
Politics

Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation

Muhammad A. Aliyu
Muhammad A. Aliyu
June 30, 2025
MI Abaga
Celebrities

MI Abaga Expresses Regret Over Past Support for APC

Damilola A.
Damilola A.
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?