Naira-Dollar Dynamics: Nigeria to Enforce Tougher Measures on Crypto Entities

Lucky Uwakwe, the chairperson of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), made the announcement through an official communique.

In a decisive move, the Nigerian authorities are set to introduce more stringent regulations on cryptocurrency entities to stabilize the Naira’s position against the dollar in the forex market.

This initiative was revealed as Emotomtimi Agama, the Director General of the Nigeria Securities and Exchange Commission, prepares for a pivotal meeting with both domestic and global cryptocurrency exchanges this coming Monday.

Lucky Uwakwe, the chairperson of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), made the announcement through an official communique.

The necessity for these impending regulations arose following the Nigerian government’s decision to revoke the cryptocurrency ban in December 2023.

“The collective wisdom and contributions of all stakeholders are crucial as we embark on this journey to sculpt the regulatory framework, aiming to create a thriving ecosystem for blockchain and cryptocurrency innovations,” he stated.

This announcement is concurrent with the ongoing rigorous scrutiny of cryptocurrency platforms such as Binance and OctaFX, which are accused of devaluing the Naira in the forex market.

It’s important to note that just five days prior, the Central Bank of Nigeria imposed restrictions on OPay, Palmpay, Kuda Bank, and Moniepoint, prohibiting them from registering new clients due to suspicions of their accounts being implicated in unauthorized forex transactions.

During the 293rd session of the Monetary Policy Committee, the CBN Governor, Olayemi Cardoso, highlighted that an astounding $26 billion had been transacted through cryptocurrencies, eluding any form of tracking.

Related Posts: