In response to directives from the Office of the National Security Adviser (ONSA) and the Securities and Exchange Commission (SEC), cryptocurrency exchanges have begun delisting the naira as a trading option.
On Thursday, May 16, the SEC in Abuja announced that KuCoin, a leading cryptocurrency exchange, has confirmed the removal of the naira as a fiat currency option for transactions. The platform is currently “making the necessary adjustments to its technology to accommodate the delisting of the naira as soon as practicable.”
This move by KuCoin is part of a broader government effort to address concerns about the impact of peer-to-peer (P2P) crypto trading on the value of the naira. The delisting aims to limit the ability to “manipulate the exchange rates against the Nigerian currency.”
Officials have noted that P2P platforms have been exploited for speculative activities, contributing to the naira’s depreciation. By removing the naira as a trading option, the government hopes to “further strengthen the value of the naira.”
Previously, the ONSA had issued directives calling for the delisting of the naira from crypto platforms, a step now being implemented by exchanges like KuCoin.