The Securities and Exchange Commission (SEC) and the Office of the National Security Adviser (ONSA) directed digital operators to delist the Naira from their platforms last week, as part of measures to protect the currency from manipulations.
Jerrymusa.com reports that the SEC explained that checks indicated that the Naira has been removed as a fiat currency option for transactions on KuCoin platform, and the exchange has already begun the necessary adjustments to its technology to accommodate the delisting of the Naira as soon as practicable.
Naira Remains Unstable
The removal of the Naira from the platforms limits the ability to manipulate the exchange rates against the Nigerian currency, which is expected to further strengthen the value of the Naira. Acting Director General of the SEC, Dr.
Emomotimi Agama, reacted to the delisting by KuCoin, expressing delight that the crypto exchanges were heeding to the directives of the ONSA and the SEC, describing it as a welcome development. According to him, “We are happy that they have started complying with the directives by the NSA.
We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law.”
He stated that as the apex regulator of the capital market, the SEC “is co-operating with the Office of the National Security Adviser, the Economic and Financial Crimes Commission, and other relevant agencies to achieve the national objective of making sure that illegality is not allowed to thrive.”