Dr. Emomotimi Agama, the Acting Director General of the Securities and Exchange Commission (SEC) of Nigeria, is advocating for a new cryptocurrency regulation that aims to remove the naira as a currency pair from peer-to-peer (P2P) cryptocurrency platforms. During a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Agama emphasized the necessity of cleaning up the virtual assets space to combat illegal trading activities and safeguard the integrity of Nigeria’s capital market. He highlighted the Commission's commitment to enforcing the Investments and Securities Act of 2007, ensuring compliance from all market participants despite the advancements in digital assets technology.

Agama’s proposals represent a significant shift towards stricter regulation of the cryptocurrency market. Unlike the previous SEC administration that adopted a more lenient approach, Agama’s tenure indicates a more stringent regulatory environment that could complicate crypto trading in Nigeria. He pointed out that the surge in P2P crypto trading has adversely affected the naira’s exchange rate, prompting the SEC to consider removing the naira from these platforms to curb market manipulation.

The Commission's statement underscored Agama’s concerns about the manipulation in the P2P space and the negative impact on the naira. He called for the delisting of the naira from P2P platforms as a measure to prevent further disruption and urged participants in the crypto space to identify and expose those involved in such activities. Agama stressed the importance of patriotism among market participants in maintaining the stability of the national currency.

In conclusion, Agama emphasized the need for a cooperative approach to these regulatory challenges, advocating for a framework that balances innovation with the protection of national economic interests. He called for the cryptocurrency community’s support in identifying and addressing harmful practices, aiming for a transparent and thriving digital asset environment. His remarks reflect the government's commitment to fostering a conducive atmosphere for the growing fintech sector while ensuring market integrity.