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The Federal Government of Nigeria has recently announced its intention to delist the naira from all peer-to-peer (P2P) platforms.
This decision was revealed by Emomotimi Agama, the Director General of the Securities and Exchange Commission, during a virtual meeting with blockchain stakeholders on Monday. The primary objective behind this move is to address the issue of currency manipulation in the foreign exchange market.
By delisting the naira from P2P platforms, the government aims to curb the ability of individuals and entities to manipulate the value of the local currency.
Peer-to-peer platforms have become increasingly popular in recent years, allowing individuals to trade directly with each other without the need for intermediaries.
While these platforms offer convenience and accessibility, they also present opportunities for abuse and market manipulation.
The delisting of the naira from P2P platforms is expected to enhance the transparency and stability of the foreign exchange market. It will enable the government to have better control over the value of the currency and prevent any undue influence on its fluctuations.
This decision is part of the government’s broader efforts to strengthen the Nigerian economy and promote fair and transparent financial practices.
This article was updated 2 weeks ago
