Nigerian Government Intends On Removing Naira From P2P Systems To Safeguard Currency Value.

Plans by the Federal Government to remove the Naira from all peer-to-peer, or P2P, systems have been made public.

During a virtual conference with blockchain stakeholders on Monday, Emomotimi Agama, the Director General of the Securities and Exchange Commission, revealed this information.

The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.

In recent months, the nation's regulatory bodies have started looking into and closely examining cryptocurrency exchanges.

The largest cryptocurrency exchange, Binance, discontinued its Naira services on March 8.