The Federal Government has announced plans to delist the naira from all peer-to-peer (P2P) platforms.

The Director General of the Securities and Exchange Commission, Emomotimi Agama, made this disclosure in a virtual meeting with blockchain stakeholders on Monday.

This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market.

The country’s regulatory authorities have been investigating and scrutinising cryptocurrency exchanges in recent months.

On March 8, the biggest cryptocurrency exchange, Binance, stopped its naira services.

anonymous1759:
Final brutality to speculators, I feel for those genuine ones , but majority of Nigerians ain’t loyal . They sabotage the country and come online to bash the government when their heinous act destroys the economy . EffC should also go after schools receiving $ for fees .

anonymous1759:
Final brutality to speculators, I feel for those genuine ones , but majority of Nigerians ain’t loyal . They sabotage the country and come online to bash the government when their heinous act destroys the economy . EffC should also go after schools receiving $ for fees .

Villagesquare:

This one doesn't know anything. Was guys not doing Crypto since all the Years Emefiele was there. Instead of focusing on how to boost the Economy and increase our export to earn foreign exchange they are busy chasing after Crypto traders.

Enugurangers:
Great news..Wealth without enterprise.

anonymous1759:
Final brutality to speculators, I feel for those genuine ones , but majority of Nigerians ain’t loyal . They sabotage the country and come online to bash the government when their heinous act destroys the economy . EffC should also go after schools receiving $ for fees .

Villagesquare:

This one doesn't know anything. Was guys not doing Crypto since all the Years Emefiele was there. Instead of focusing on how to boost the Economy and increase our export to earn foreign exchange they are busy chasing after Crypto traders.

Babalegba:
I do find it awkward as well that people are making money without manufacturing products and providing services. It does look like a ponzi scheme and ponzi schemes don't usually end well.

LegendHero:
I don’t agree to this.

This approach is detrimental if there is no other available means to do the same thing.

clearcrystal:


It's ponzi, the smart ones are taking advantage of the other and cashing out big time.
Nigerian youth don't want to work, they just want to get rich through the thin air.

anonymous1759:



Nigerians ain’t sincere , we never own up to our responsibilities that our actions sometimes affects the economy.

We’ve some countries whose population and export ain’t much but their currency is strong.
Those island nations for example.

Our constant demand for dollars and speculation and sabotage can’t be over emphasized.
This action might last for sometime but the government needs to put foot on ground more sabotage will spring up .

Kukutente23:

So it's Nigerians that are the problem of the country
When did you realise that? When your favourite politicians got into govt abi

Kukutente23:

So it's Nigerians that are the problem of the country
When did you realise that? When your favourite politicians got into govt abi

BannedUser:


You must be kidding if you think you can be lazy and make money in crypto. I've made millions in crypto trading but I had to sweat for two years before I started becoming profitable.

You keep on saying it's ponzi the same way people have been calling bitcoin since it was less than $1 in 2009. But today, Blackrock, the world's largest asset manager, with $10 trillion in assets is now offering bitcoin to its clients.

Babalegba:
Bitcoin is the biggest ponzi scheme the world has ever seen. There is no product or service being rendered but huge amount of electricity is consumed to make the Bitcoin.No value whatsoever is added to the human experience

clearcrystal:
This is a good news.
All those lazy youth that are hell bent on destroying our economy by trading and speculating the exchange rate on P2P platforms are in deep shit already.
Instead of investing in physical asset they prefer to get rich quicker by trading USDT in the comfort of their bedroom at the detriment of our economy.
I keep telling people the rate we see online is not the true exchange rate.
I'm sure they will switch to Telegram but don't be surprised in 2 weeks time the CBN will equally ban Telegram.

BannedUser:


Naira, USD and other fiat currencies have infinite supply and will continue to lose value forever and ever. They are actually backed by nothing but trust in the government that issues the fiat currency. Bitcoin is limited in supply unlike fiat. It is secure, decentralized, unhackable and cannot be easily confiscated. A thousand years from now when everyone currently alive (and even countries) are no more, bitcoin will continue to exist.

BTW BTC does not care about what you or I think about it.