The Securities and Exchange Commission (SEC) has announced plans to delist naira from all peer-to-peer (P2P) platforms.

This was disclosed by Emomotimi Agama, SEC acting D.G, during a virtual meeting with Blockchain Industry Coordinating Committee of Nigeria, the umbrella body of major blockchain and cryptocurrency associations within the country

P2P platforms allow two parties to connect directly to engage in financial transactions without the involvement of traditional financial institutions

In a statement by SEC, Agama said the decision was taken to avoid the level of “manipulation” happening in the cryptocurrency space

According to the DG, concerns regarding crypto P2P traders & their perceived impact on the exchange rate underscores the need for collective action & dialogue within the financial market ecosystem

Agama said those involved in sharp practices that undermine national interest should desist from such activities, adding that stakeholders should reach out to SEC to name & shame the bad actors