Bloomberg: Nigeria to ban the use of naira for peer-to-peer cryptocurrency transactions

ChainCatcher news, according to Bloomberg, Nigeria has vowed to ban the use of the naira for person-to-person cryptocurrency transactions, marking the latest move by the West African nation to control an industry accused of undermining its local currency.

Emomotimi Agama, chairman of the Securities and Exchange Commission of Nigeria, also stated during a meeting with fintech professionals on Monday that new regulations covering cryptocurrency trading platforms, digital asset custodians, and other areas of the industry will be introduced in the "coming days."

In a statement released on Monday evening at the exchange's headquarters in Abuja, Emomotimi Agama said, "Recent concerns regarding cryptocurrency peer-to-peer traders and their impact on the naira exchange rate highlight the need for collective action."