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The volatility in the global digital assets market might increase for the week ahead. Nigeria in a major move reportedly announced plans to ban person-to-person (P2P) cryptocurrency trading involving the Naira. Nigeria govt takes a hard stance 
According to reports, the Nigerian authority’s decision comes as a part of their efforts to address concerns regarding the impact of crypto trading on its local currency. Naira has faced huge depreciation in recent times which is now being linked to crypto trading.
It mentioned that the Director General of Nigeria’s Securities and Exchange Commission (SEC) directed towards the need to delist the naira from P2P trading platforms. It is being done to curb potential manipulation.&nbsp;
Emomotimi Agama stressed the urgency for actions taken in the scope of surging concerns over the perceived influence of crypto P2P traders on the exchange rate of the naira.
It is important to note that this move comes after <a href="https://news.todayq.com/binance-executives-sue-nigerian-officials-alleges-human-rights-violations/" rel="noopener noreferrer nofollow">Nigeria’s imposed ban</a> on the world’s largest cryptocurrency exchange, Binance Holdings Ltd. However, this also involves the arrest of two of its executives during their visit to the country in February 2024.
One of the executives has managed to evade capture, while, the other official, Tigran Gambaryan, was apprehended. Gambaryan is currently facing charges including tax evasion, currency speculation, and money laundering in the country.
The reports added that Agama stood strong on the government’s stance against activities that undermine national interests. He stressed that manipulative practices would not be tolerated. Why is this happening? 
Nigeria is Africa’s most populous nation and with a sort of surge in crypto adoption residents seek alternative avenues to hedge against the weakness of the Naira. This has reportedly depreciated with a heavy margin against the dollar in recent months.
The Central Bank of Nigeria had previously accused Binance of allowing illicit transactions involving the naira on its platform, prompting regulatory actions against the exchange.
In response to the arrest of Gambaryan, Binance CEO Richard Teng called for his release, denouncing the detention as setting a dangerous precedent for global businesses. Teng highlighted the importance of collaborative dialogue between governments and companies in shaping regulatory frameworks for the cryptocurrency industry.
As Nigeria navigates the complexities of regulating the burgeoning cryptocurrency market, stakeholders await further details on the proposed regulations and their potential implications for the industry and the broader economy.

Nigeria to crack down on crypto, plans to ban Naira P2P trading

Todayq News

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