The federal government has unveiled plans to delist the naira from all peer-to-peer (P2P) platforms.
The Director General of the Securities and Exchange Commission, Emomotimi Agama, said this on Monday during a virtual meeting with blockchain stakeholders.
P2P lending platforms match borrowers with individuals or groups of investors who are willing to lend money.
The P2P marketplace manages the application process, moves the loan through underwriting and evaluates the level of risk the borrower poses
The Commission said move to delist the naira from the P2P platform is aimed at addressing the manipulation of the local currency’s value in the foreign exchange mark
This is just as the Commission stated that it will uphold the integrity of the capital market and protect the interests of all investors.
He said the recent concerns regarding crypto Peer-to-Peer traders and their perceived impact on the exchange rate of the Naira have underscored the need for collective action and dialogue within the financial market ecosystem.
He said, “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. However, for specific digital asset regulatory regimes that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets.”
The DG stated that the proposed regulatory guidelines which are currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.
“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s digital asset powerhouse with diverse solutions like Real World Asset Tokenization that will drive wealth and catalyse our capital market.
“We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.”