SEC plans delisting Naira from P2P space to curb manipulations

The Ag Director General, Securities and Exchange Commission, SEC, Dr. Emomotimi Agama has disclosed that the Commission plans to delist the Naira from P2P crypto currency trading space in order to avoid the level of manipulation that is currently happening on the platform.

He pointed out that the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira have underscored the need for collective action and dialogue within the financial market ecosystem.He therefore enjoined participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.

“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda” he added.

Agama stated that the SEC Nigeria will not hesitate to utilize all the powers within its mandate to handle issues that are negative and pose a threat to national interest saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.

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