The Federal Government revealed its intention to remove the naira from all peer-to-peer (P2P) platforms.
Emomotimi Agama, the Director General of the Securities and Exchange Commission, disclosed this during a virtual meeting with blockchain stakeholders on Monday.
This move is aimed at addressing the manipulation of the local currency’s value in the foreign exchange market.
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Regulatory authorities in the country have been actively investigating and scrutinizing cryptocurrency exchanges in recent months.
On March 8, Binance, the largest cryptocurrency exchange, ceased its naira services.
More details on this development will be provided later.
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