Nigeria to Ban P2P Crypto Trading Over Security, SEC Meeting on Monday

May 4, 2024, 08:47 AM

Nigeria is poised to implement a ban on peer-to-peer (P2P) cryptocurrency trading, citing national security concerns. This regulatory shift follows initial indications from the Bola Tinubu administration that suggested a softer approach towards cryptocurrency. The Nigerian Securities and Exchange Commission (SEC) is scheduled to meet with both foreign and local cryptocurrency exchanges on Monday to discuss the regulatory changes. Major fintech companies such as Moniepoint, Paga, and Palmpay, as mentioned by Moniepoint's CEO, are expected to comply by blocking accounts involved in cryptocurrency transactions.