Nigerian Exchanges Halt Naira Trading Pairs Following SEC Directive
CryptoNewsTerminal Staff20 May, 2024
Nigerian Exchanges Halt Naira Trading Pairs Following SEC Directive
The Securities and Exchange Commission (SEC) of Nigeria has directed cryptocurrency exchanges to desist from supporting naira-denominated trading pairs. According to a public statement, this move is intended to prevent price distortions and manipulation that could destabilize the financial system and economy. In response to the directive, KuCoin has stopped supporting trading pairs involving the Nigerian naira. The SEC also noted that other global crypto exchanges are complying with the ban on naira deposits by Nigerians on their P2P platforms. Previously, the SEC had prohibited the use of the naira for peer-to-peer (P2P) cryptocurrency transactions. These directives aim to regulate the cryptocurrency market and protect investors from potential risks.
