Crypto exchanges begin delisting of Naira from platforms

Following the directives of the Office of the National Security Adviser and the Securities and Exchange Commission that the naira be delisted from Peer-to-Peer Trading platforms, the exchanges have begun implementing the same.

Checks indicate that the naira has been removed as a fiat currency option for transactions on KuCoinplatform and the exchange has already begun the necessary adjustments to its technology to accommodate the delisting of the Naira as soon as practicable.

Removal of the naira from the platforms limits the ability to manipulate the exchange rates against the Nigerian currency. This is expected to further strengthen the value of the naira.

The NSA had issued directives that naira be deleted from the crypto platforms as one of the strategies to strengthen the local currency.

The Securities and Exchange Commission had in a meeting with the Blockchain Industry Coordinating Committee of Nigeria, BICCoN, the umbrella body of all major blockchain and cryptocurrency associations in Nigeria, disclosed the Commission’s plans to delist the Naira from P2P (peer-to-peer) crypto currency trading space in order to avoid the level of manipulation that is currently happening on the platform.

Acting Director General of the SEC, Dr. Emomotimi Agama reacting to the delisting by KuCoin, expressed delight that the crypto exchanges are heeding to the directives of the ONSA and the SEC describing it as a welcome development.