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Emomotimi Agama, the newly appointed Director General of the Nigerian Securities and Exchange Commission (<a href="https://sec.gov.ng/" target="_blank" rel="noopener">SEC</a>) has said the regulator would use all its power to protect the ailing local currency by going all out against naira saboteurs in the fintech and crypto space.&nbsp; 
The SEC DG made this declaration in an interactive session with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), an umbrella body of major blockchain associations in Nigeria. The session also has other major stakeholders and enthusiasts in the Nigerian blockchain industry in attendance.&nbsp; 
According to <a href="https://ng.linkedin.com/in/timi-agama-acma-cgma-acis-mcsi-phd-5662567" target="_blank" rel="noopener">Emomotimi Agama</a>, the crypto and fintech sector houses a significant portion of FX manipulators in the country. And, in line with the ‘Renewed Hope’ agenda of the country’s president, Bola Ahmed Tinubu, the commission, in collaboration with other government entities to bring culprits to book. 
Read also: <a href="https://technext24.com/2024/05/07/nigerians-to-start-paying-0-5-cybersecurity-levy/">Nigerians to start paying 0.5% cybersecurity levy</a> 
As a refresher, the Nigerian crypto market, particularly the local peer-to-peer traders has taken a chunk of the blame for the naira decline against the US dollar in 2024. 
There has been a series of clampdowns against the major players in the sector, with the deactivation of the Binance P2P market and NGN trading pair, arrest and detainment of the exchange’s executives as well as clampdown on other exchanges like Bybit.&nbsp; 
<h5 id="dr-agama-on-the-need-for-regulation" class="wp-block-heading">Dr Agama on the need for regulation&nbsp;</h5> 
The head of the Nigerian securities market regulator, Dr Agama believes that for any market to thrive, it must be rightly regulated. For him, people don’t do the right thing unless they are pushed.&nbsp; 
While reinforcing the idea that the Securities and Exchange Commission’s interest is to provide an enabling environment for fintech and crypto to thrive -because the amount of disruption ( positive or negative) that blockchain technology brings is enormous- Emomotimi Agama emphasized the importance of national security. 
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According to him, the commission would use its power and resources to prosecute naira saboteurs within the crypto and fintech space. 
He also announced that in the coming days, the Securities and Exchange Commission will remove the naira from all peer-to-peer as part of its efforts to regulate platforms to combat the manipulation of local currency values in the foreign exchange market. 
In <a href="https://ng.linkedin.com/in/timi-agama-acma-cgma-acis-mcsi-phd-5662567" target="_blank" rel="noopener">his</a> words: 
“That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days.” 
<h5 id="stakeholders-ask-sec-for-a-clear-regulatory-framework" class="wp-block-heading">Stakeholders ask SEC for a clear regulatory framework</h5> 
Some stakeholders and enthusiasts proposed some ideas during the dialogue. According to Jude Ozinegbe, leading players in the industry have desired and would continue to clamour for a clear policy and regulatory direction from the government on the acquisition and trading of digital assets in the country.&nbsp; 
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 Recall when the Nigerian Securities and Exchange Commission sealed agro-investment company, Farmforte
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Related post: <a href="https://technext24.com/2023/07/20/cyberchains-jude-ozinegbe-founder-says-blockchain-would-have-improved-nigerias-2023-election/">Cyberchain’s Jude Ozinegbe says blockchain would have improved Nigeria’s 2023 election</a> 
In his suggestion, it is now time for the commission and the Central Bank of Nigeria (<a href="https://www.cbn.gov.ng/" target="_blank" rel="noopener">CBN</a>) to have a unitary voice on a regulatory framework. Adding that: 
“While we await the new position of the SEC on the ongoing issues, as mentioned by the DG, we are very willing and available to work with the commission to improve the state of affairs as regards the subject matter.” 
Other notable suggestions during the meeting include a proposal of a central price discovery scheme that all crypto exchanges can connect and adhere to, to prevent price manipulators from taking control of the FX market. 
The DG concluded that additional questions, comments and information could be sent to the official email address.

“We will use all our powers and resources to prosecute naira saboteurs” – Dr. Agama, SEC DG

Technext.ng

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