The Nigerian government is gearing up to implement fresh regulations that will prohibit the use of the national currency, the Nigerian naira, in peer-to-peer (P2P) cryptocurrency exchanges. The country’s Securities and Exchange Commission (SEC) is planning to introduce a new regulatory framework for crypto exchanges, custodians, and other industry entities in the near future, as reported by Bloomberg on May 7.
Emomotimi Agama, the Director General of the SEC, explained that the objective of these new regulations is to eliminate the naira as an option for P2P exchanges, thereby safeguarding the local currency from any potential manipulation.
This news comes on the heels of a local ban imposed on the prominent global cryptocurrency exchange, Binance, and the subsequent arrests of its executives, Tigran Gambaryan and Nadeem Anjarwalla, in Nigeria back in February 2024. Gambaryan, currently incarcerated at the Kuje correctional center in the capital city of Abuja, is scheduled to face trial on May 17. He has been charged with tax evasion, currency speculation, and money laundering.
As this is an ongoing story, additional details will be provided as they emerge.