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Nigeria’s financial sector has recently become quite active. The country’s local currency, the Naira, faces a series of restrictions related to its use on peer-to-peer (P2P) trading platforms for cryptocurrencies. This decision was announced by the federal government through the Securities and Exchange Commission (SEC).
What is the Purpose of Nigeria’s Move?
PUNCH newspaper reported on Tuesday that the Federal Government, through the SEC, has taken serious steps to withdraw the Naira from all P2P crypto platforms. The underlying reasons for this decision include combating so-called dollar extortionists and currency manipulators more effectively.
Nigeria‘s latest move towards cryptocurrencies came after a meeting between the country’s financial authorities and the Blockchain community. At the meeting, Emomotimi Agama, the newly appointed SEC Chairman, outlined the government’s plans for the Naira and emphasized close collaboration with the sector.
A Blow to the Growth of the Cryptocurrency Sector?
The government’s goal is to prevent any manipulation in the markets and the country’s interests, while also encouraging growth and innovation in the cryptocurrency sector. Comments made by Agama to the Nigeria Blockchain Industry Coordination Committee (BICCoN) reflect the government’s sincere intentions to strengthen and enhance cooperation with the crypto space.
A recent meeting with the SEC, following a roundtable call between BICCoN’s crypto exchanges and the SEC chairman, was seen as a critical step towards positioning Nigeria more effectively within the global cryptocurrency arena.
The decisions taken by Nigeria regarding cryptocurrencies could be a significant turning point for the country’s financial future. However, it will be necessary to monitor the implementation of these decisions and future developments. It seems that Nigeria is attributing the depreciation of its own currency to cryptocurrencies.
On the other hand, it should be noted that Binance executive Tigran Gambaryan is still detained in Nigeria. This morning, Binance CEO Richard Teng called for Tigran’s release, claiming his innocence.
