In a bid to address concerns over currency manipulation, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has called upon the cryptocurrency community to take action against individuals involved in tampering with the Naira, Nigeria’s national currency.
Agama made the call to action during a recent gathering organized by the Blockchain Industry Coordinating Committee of Nigeria to engage with key industry stakeholders. Speaking passionately, the Director-General emphasized the importance of identifying and exposing those engaged in fraudulent practices within the industry.
Agama said, “We ask with all sense of sincerity that those involved in sharp practices cease and desist. We encourage you to reach out to us by naming and shaming those involved.
“This nation has a future and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive and by so doing, we expect the fintech community would reciprocate by doing the right thing.
“Patriotism can never be wished away. Whatever we do that would bring dishonour to our country, we must try to avoid it. What is very critical and which has brought about this meeting is the concerns regarding crypto P2P traders and their effect on the naira.”
Addressing concerns regarding the impact of crypto peer-to-peer (P2P) trading on the stability of the Naira, Agama emphasized the urgency of addressing these challenges collectively to safeguard the nation’s economic interests.
The Director-General’s appeal signals a concerted effort by regulatory authorities to address emerging threats to Nigeria’s financial stability, underscoring the need for collaboration between government agencies and industry stakeholders in combating illicit activities within the cryptocurrency space.
As the cryptocurrency industry continues to evolve, regulatory bodies like the SEC are increasingly vigilant in their efforts to ensure compliance with established standards and safeguard the integrity of the financial system.