Gate News message, April 14 — Emomotimi Agama, Director General of Nigeria’s Securities and Exchange Commission (SEC), announced the regulator will use all its powers and resources to prosecute naira manipulators in the crypto and fintech sectors. Speaking at a session with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Agama stated the commission will remove the naira from all peer-to-peer platforms in the coming days to combat foreign exchange manipulation.
The move follows a series of enforcement actions in 2024, when Nigeria’s P2P crypto market was blamed for the naira’s decline against the U.S. dollar. Authorities previously deactivated P2P markets and NGN trading pairs on major CEXs, detained exchange executives, and conducted crampdowns on other platforms. Agama emphasized that while the SEC aims to provide an enabling environment for blockchain innovation, national security and currency stability remain priorities.
Industry stakeholders called for a clear regulatory framework during the dialogue. Jude Ozinegbe and other participants proposed a unified policy direction from the SEC and Central Bank of Nigeria, along with a central price discovery scheme to prevent manipulation. Agama invited further input via the commission’s official email address.
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