Nigerians angry as federal government announced its decision to remove the Naira from all peer-to-peer (P2P) exchanges.
The Director General of the Securities and Exchange Commission, Emomotimi Agama, stated this during a virtual conference with blockchain stakeholders on Monday.
This is projected to be included in a series of regulations scheduled for rollout in the upcoming days.
This resolution seeks to tackle manipulation of the local currency’s value in the foreign exchange market.
Agama said: “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
Nigerians React
However, netizens have criticized the Nigerian government for its plan to remove the Naira from all peer-to-peer (P2P) exchanges.
Below are reactions:
@Irunnia_ wrote: “At this rate, Nigeria won’t be top 10 countries in Africa. Our leaders are just taking us backwards.“
@UnkleAyo wrote: “First you blamed Binance, now it’s all exchanges? You’ll only ban P2P when you ban the internet.
“There’s no single country that prospers by restricting the flow of money.
“This is the decisional output when you affix closeminded dotish egomaniacs in the corridors of power.“
@MikaelCBernard wrote: “P2P in Nigeria 🇳🇬 is going nowhere.
“I’d be doing my routine P2P tests again across all platforms, so you can be informed on which platforms are still up and running.
“Any platform that is tired can pack and go.“
@Crypto_kong66 wrote: “What’s wrong with us in Nigeria? Why delisting NGN from all p2p platforms?
“Dear @cenbank, what’s our offense?
“Let’s advocate and stand against this their decision.”
@Jay_Pee_JP wrote: “Other countries are embracing cryptocurrencies, and the Nigerian govt is heading backwards. They’ll see the effect of this very soon, this is what happen when you’ve grandma and grandpa in power!“
@Clement0404 wrote: “If it stabilizes the naira then it’s good news.“
@officialsir_e wrote: “Congratulations, finally the solution is here.”
@Daddy_0078 wrote: “If this will stop the naira from falling, I support. It’s true that the rise of the naira didnt have a resultant effect on the price of food stuffs, but the prices of other imported goods reduced significantly when the naira rose against the dollars.“
@DrJesseglee wrote: “Some Fintech businesses at stake.”
@Eldonmusteee wrote: “This is not a good move. The federal government will create demand by delisting all NGN on P2P platforms. By doing so, the supply will be limited. Hence, creating too much demand. I’m predicting $ to beat all time high by year end if the government go ahead with this move.“
@kceedaniels5 wrote: “I feel like if they do this, one day the federal government would beg P2P platforms to list Naira in all platforms, if only they understand that the rate at which the world is evolving, the best way to even when your nation’s currency is traded as a digital asset.
“Short myopic people are thinking delisting Naira will help the naira boom, economic/currencies growth is not rock science, if the federal government do the right thing in creating jobs and promoting production, creativity and innovation, the naira will boom.
“The strongest economies in the world have their currencies traded on all peer 2 peer platforms across the world, because advanced country understands the principle of globalization and how blockchain technology will transform the world but instead of my country to adapt to what is ahead of us that is already with us, they are fighting it.
“I don’t know which government has ever fought technology, advancement and have won. Blockchain technology has come, the government should be thinking of making naira a digital asset.“
@FRACUMZY wrote: “First it was Binance, now p2p gone, landmark beach gone, any solutions? no. This government wants youth to go back to the Gun days, unemployed just increased. If you are a good tech investor, now is the time, create a p2p trade platform, make it anonymous.“