Dr. Emomotimi Agama, the Acting Director General of the Securities and Exchange Commission (SEC) in Nigeria, is pushing for a new measure that would remove the naira as a currency pair from cryptocurrency peer-to-peer (P2P) platforms. During a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Agama highlighted the need to clean up the virtual assets space from illegal trading activities and to protect the integrity of the Nigerian capital market. He emphasized the SEC's commitment to enforcing the Investments and Securities Act of 2007, ensuring that all market participants adhere to the established legal frameworks amidst the evolving digital asset landscape.

Agama’s approach indicates a shift towards stricter regulation of the cryptocurrency space in Nigeria. Unlike the previous SEC administration, which was more accommodating, this new leadership appears poised to introduce guidelines that could complicate cryptocurrency trading. Agama’s focus on rigorous enforcement and regulatory compliance suggests a more stringent stance on digital assets to mitigate potential risks and abuses within the market.

One of Agama’s primary concerns is the impact of the recent surge in P2P crypto trading on the naira's exchange rate. He noted that this trend has prompted the SEC to consider delisting the naira from P2P platforms to curb market manipulation. The Commission's statement underscored the need to address this issue, urging participants in the crypto space to expose those involved in disruptive market practices and calling for patriotic cooperation to maintain market stability.

Agama concluded by calling for support from the cryptocurrency community in identifying and mitigating harmful practices. He stressed the importance of collaboration and transparency to foster a healthy digital asset environment, reflecting the government's commitment to balancing innovation with the protection of national economic interests. This cooperative approach aims to create a regulatory environment that supports fintech growth while safeguarding the market from negative influences.