Nigerian Securities Regulator: Crypto Exchanges Complying With Naira Delisting

[sirty143]

Nigerian Securities Regulator: Crypto Exchanges Complying With Naira Delisting Directive

The Nigerian Securities Regulator has stated that cryptocurrency exchanges have complied with a directive to remove the local currency from peer-to-peer platforms. The acting director-general of the Nigerian Securities and Exchange Commission has... See more for yourself here.

Your opinion is greatly appreciated.

[Gurujebs]

The Nigerian Securities Regulator has stated that cryptocurrency exchanges have complied with a directive to remove the local currency from peer-to-peer platforms. The acting director-general of the Nigerian Securities and Exchange Commission has... See more for yourself here.

Your opinion is greatly appreciated.

When a currency has been subsidize for many years and then one day the government decide to stop the subsidy because they were spending billions of of dollars to subsidize it and then after that, the currency decide to make a new face for it value and traders are using the opportunity to trade on the profit but he government is now seeing that as a taboo, isn't that hypocritical and foolish? You don't give what you don't have and yet you want to conttol what others have, that's not possible.

All this are short term remedies, traders will always trade and profit will be made with or without centralized exchanges, there many of them on WhatsApp and Telegram and that's the place the government can't control.

[TomPluz]

What is happening in the cryptocurrency industry in Nigeria especially concerning cryptocurrency exchanges and its native currency Naira can be worth watching as I am sure we can be learning many lessons in here. I understand that there will no more be P2P so Nigerians may have a hard time to convert their digital assets to Naira...a situation that can directly hit the people who are into crypto. I am watching what can be the creative ways to get around with this development and if this can "kill" the fledging cryptocurrency industry in that African country. Now, instead of the government appreciating that people are getting involved with crypto, they assessed that it is a tool that undermined the country's currency. Since, the government made sure all crypto exchanges are complying, let's see if Naira will appreciate in value, otherwise it would be clear that the Nigerian government can just be delusional.

[Aanuoluwatofunmi]

What is happening in the cryptocurrency industry in Nigeria especially concerning cryptocurrency exchanges and its native currency Naira can be worth watching as I am sure we can be learning many lessons in here.

Part of the lessons we are learning here is from the use of centralized exchanges and their implications, our data privacy matters and other information we have with them which are meant to be private, lastly is the way they are clamping down on p2p in other to frustrate the bitcoin users and the crypto as a whole, which i think is a bad idea or approach from them in dealing with the economy.

[examplens]

Can someone who knows the situation in Nigeria well say what exactly is happening there? I've been reading the news several times that Nigeria is banning crypto, banning all incoming transactions... And this is repeated periodically.
Does this mean that laws are passed but not strictly enforced?

It's all the more strange if we know that Nigeria is one of the fastest-growing crypto markets in recent times.

[Faisal2202]

What is happening in the cryptocurrency industry in Nigeria especially concerning cryptocurrency exchanges and its native currency Naira can be worth watching as I am sure we can be learning many lessons in here. I understand that there will no more be P2P so Nigerians may have a hard time to convert their digital assets to Naira...a situation that can directly hit the people who are into crypto. I am watching what can be the creative ways to get around with this development and if this can "kill" the fledging cryptocurrency industry in that African country. Now, instead of the government appreciating that people are getting involved with crypto, they assessed that it is a tool that undermined the country's currency. Since, the government made sure all crypto exchanges are complying, let's see if Naira will appreciate in value, otherwise it would be clear that the Nigerian government can just be delusional.

You are right, their aim is to back the Nigerian currency a little bit, so it could become more strong, but I think it will not become more strong, instead it will become a little bit more stable but will still be volatile as it was before. Because delisting of the Naira will stop the direct manipulation and speculation of it, but people as usual will come to find a way to do it indirectly. I wonder what that would be. Maybe buying USD and then converting those USDT to Naira via some 3rd party finance app.

I hope they won't have to pay more taxes in this procedure. I have seen a lot of news where the Nigerian government is making changes to improve there local currency but I don't know if it has a success till now or not. Let's see this one as well. I hope it won't come as delusional because they will make it sure haha. Govenrments can do anything.

[Gurujebs]

It's great news that crypto exchanges in Nigeria are following the rules. This could make trading crypto safer and more reliable there. But, I hope they don't over-regulate and stifle the growth of the crypto market.

[ABCbits]

I can't help, but assume current Nigerian government really don't like cryptocurrency. After all, government usually encourage people to use their currency. I also doubt cryptocurrency P2P exchange alone could have big impact on local currency rate. Maybe there's something i missed or don't know here.

[Learn Bitcoin]

See more for yourself here.

I believe you are not their website's agent or do not work for them. Since you are posting news here, isn't it better to post the entire article or the main part so we don't have to click another link to visit the website? We are trying to be more aware of phishing and hacks these days especially because the bull run is ahead. I would request you to post the entire article if possible.

I can't help, but assume current Nigerian government really don't like cryptocurrency. After all, government usually encourage people to use their currency. I also doubt cryptocurrency P2P exchange alone could have big impact on local currency rate. Maybe there's something i missed or don't know here.

I guess a lot of governments do not like cryptocurrency. They have their own reason. The government is unable to track your incomes and they are unable to get their cut if you use crypto. So, they are doing everything for their own benefits.

[akeemqaz]

I think they are doing this to help the Naira's value, but I don't think that's the problem. Delisting the Naira from P2P exchanges doesn't mean it's going to help its value. Also, exchanges like Bitget and Bybit still support Naira P2P, and I know there are more exchanges that still do that. Moreover, more people are getting to know about crypto in Nigeria.

[yhiaali3]

This is the stupidity of governments, especially the Nigerian government, which has not dealt well with the issue of cryptocurrencies in the country at all. It places the blame for the collapse of the value of the Nigerian naira on central exchanges and cryptocurrencies, and this is hypocrisy and a failure of the government.
 
Even if that is true, is this the solution? Is the solution to ban naira trading P2P on centralized exchanges? Can't Nigerian citizens simply do P2P outside of centralized exchanges? how stupid?

Instead, they had to find better solutions by legislating more open regulatory laws to benefit from taxes and large investments in cryptocurrencies that could contribute to the recovery of the country’s economy.

[Gurujebs]

Can someone who knows the situation in Nigeria well say what exactly is happening there? I've been reading the news several times that Nigeria is banning crypto, banning all incoming transactions... And this is repeated periodically.
Does this mean that laws are passed but not strictly enforced?

It's all the more strange if we know that Nigeria is one of the fastest-growing crypto markets in recent times.

Right now, the crypto space is not safe for anyone from Nigeria. The central bank of Nigeria has instructed all the commercial banks and other Fintech banks that offer fast speed transnations to block, suspend and report any bank account that deals with crypto trading and all of them are ready to comply with the policy, there are reported accounts that were flag that exchange crypto for fiat.

The back story of this happened as a result of increased in sudden rise in usdt/NGN trade among Nigerians ever since the NGN currency was floated with other foreign currencies, there has been instability and volatility ever since the government stop subsidizing the NGN currency and because the Naira is trying to look for it's actual real value, the central bank feels centralized exchanges like Binance and many others than has suspended p2p trading for Nigerians is the reason why NGN(naira) has been losing values. Despite the crack down on p2p, the currency has refuse to appreciate, the givenrn are only chasing shadows.