The Nigerian government is about to make some amendments regarding peer-to-peer crypto trading in Nigeria.
The government of Nigeria is about to take bold steps by putting a ban on the peer-to-peer exchange of cryptocurrency. After this ban, local traders are not allowed to exchange crypto through the Nigerian local currency, the naira.
A report shared by Bloomberg on May 7 stated that Nigeria‘s Security and Exchange Commission (SEC) is making some amendments for crypto exchanges, custodians, and other industry firms in the coming days.
As stated by SEC Director General Emomotimi Agama, Nigeria is about to delist its local currency to protect it from manipulation.
“Recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the naira has underscored the need for collective action.”
The arrest of Binance executives Tigran Gambaryan and Nadeem Anjarwalla, in February 2024 is a key reason for the ban in Nigeria.
Gambaryan, currently held at the Kuje correctional center in Abuja, will go under trial this month. He is accused of tax evasion, currency speculation, and money laundering.
