Nigeria Plans to Ban P2P

*P2P (peer-to-peer) is a type of transaction in which participants exchange directly, bypassing intermediaries.

Nigeria is preparing to introduce new regulations aimed at banning peer-to-peer (P2P) cryptocurrency trading in the local currency, the Naira (NGN). The Nigerian government intends to implement measures to protect the national currency, the Naira, from manipulation.

The Nigerian Securities and Exchange Commission (SEC) is soon to introduce a new regulatory framework for cryptocurrency exchanges, custodians, and other industry firms. SEC Director-General Emomotimi Agama emphasizes that the new regulations aim to exclude the local currency from P2P exchanges in response to concerns about the impact of cryptocurrency trading on the Naira's exchange rate.

This decision comes after a local ban imposed on the global cryptocurrency exchange Binance and the arrest of two of its executives, Tigran Gambaryan and Nadeem Anjarwalli, in February 2024. Gambaryan, currently detained at the Kuje correctional facility in Abuja, will face charges this month, including tax evasion, currency speculation, and money laundering.

The situation is still developing, and further information will be provided as it becomes available.