The Securities and Exchange Commission (SEC) has unveiled plans to remove the naira from all peer-to-peer (P2P) platforms, as announced by Emomotimi Agama, SEC's acting director general, during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the collective body of major blockchain and cryptocurrency associations in the country.

P2P platforms facilitate direct financial transactions between two parties without traditional financial institution involvement. SEC's decision aims to mitigate perceived manipulation within the cryptocurrency domain.

Agama emphasized the importance of collective action and dialogue within the financial ecosystem, citing concerns over the impact of crypto P2P traders on exchange rates. He urged stakeholders to report and denounce any illicit activities detrimental to national interests.

Furthermore, SEC is committed to purging the virtual assets space of illegal trading activities, employing all available powers within its mandate. Agama stressed the importance of upholding decency and fair play within Nigeria's capital market community, in accordance with the Investments and Securities Act 2007.

The capital market regulator also announced forthcoming regulations to govern virtual space activities and expedite license approvals for individuals or institutions. Agama assured streamlined processes to facilitate compliance and operation.

SEC is actively developing an inclusive regulatory framework for digital assets, encompassing various cryptocurrency ecosystem aspects. This initiative seeks to support and regulate every Nigerian contributing to economic advancement.

In response to the crypto sector challenges, BICCoN proposed the formation of a working group to address issues and propel market development.