Nigeria’s once-tepid stance on cryptocurrency has taken a sharp turn towards prohibition. The Nigerian government, citing concerns over Naira manipulation, is proposing a ban on P2P (Peer-to-Peer) trading platforms that utilize the local currency. This move, coupled with ongoing legal battles with major exchanges, throws the future of Nigerian crypto into uncertainty.
Naira Under Siege? The P2P Battleground
The Nigerian Securities and Exchange Commission (SEC) alleges that crypto participants and exchanges are manipulating the Naira’s value through P2P transactions. Emomotimi Agama, the newly appointed Director-General, suggests delisting the Naira from all P2P platforms as a remedy.
Agama highlighted the government’s resolve to combat the perceived threat, saying:
“This is one of the things we must do to save this space.”
The potential P2P ban would significantly restrict Nigerian crypto investors. P2P platforms offer a convenient and often cheaper way to buy an
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