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Nigeria to Stop P2P Crypto Trading over Naira Devaluation Concerns

Local news outlet The Guardian says Nigeria is taking a step to ban Peer-to-Peer (P2P) trading of cryptocurrencies in Naira (NGN), the native fiat currency of the West African country. Specifically, the Securities and Exchange Commission (SEC) in the region has identified reasons to delist the naira from cryptocurrency P2P platforms.

P2P Trading Ban: Key Reasons

During a virtual meeting with blockchain stakeholders and fintech professionals on Monday, the Commission’s Director General Emomotimi Agama stated that the new rule will be rolled out soon. This potential legislation will affect crypto exchanges, digital asset custodians, and other entities in the crypto asset landscape.

Ordinarily, P2P platforms make it possible for crypto investors to perform direct trading with one another. It takes away the need for a centralized intermediary, making it easier for traders to directly negotiate their prices.

“The thing that needs to be done is delisting the naira from the P2P space in order to avoid the level of manipulation that is currently happening,” Agama explained. “Recent concerns regarding crypto P2P traders and their...