NAIRA VS DOLLAR: FG TO ENFORCE STRICTER SANCTIONS ON CRYPTO BUSINESSES
The Nigerian government plans to impose stricter rules on cryptocurrency platforms to defeat the Naira against the dollar in the foreign exchange market.
This development coincides with Emotomtimi Agama, the Director General of Nigeria Securities and Exchange, having a meeting with regional and global cryptocurrency exchanges on Monday.
This was revealed in a statement by the chair of the Blockchain Industry Coordinating Committee of Nigeria, BICCoN, Lucky Uwakwe.
The planned regulations became necessary after the Nigerian government lifted the suspension on cryptocurrency in December 2023.
“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector,” he said.
The meeting comes amid the continued clampdown on Binance, OctaFX, and other cryptocurrency platforms based on the undermining of Naira in the forex market.
Recall that barely five days ago, the Central Bank of Nigeria stopped OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.
Governor of CBN, Olayemi Cardoso, in a briefing at the 293rd meeting of the Monetary Policy Committee, said $26 billion was funnelled through cryptocurrency without a trace.
More Stories
BREAKING: ROBERTO DE ZERBI TO LEAVE BRIGHTON AFTER MANCHESTER UNITED MATCH
The Italian joined Albion in September 2022 after Graham Potter left for Chelsea and enjoyed immediate success, taking the club...
PORTABLE ARRESTED AGAIN FOR ASSAULTING POLICE OFFICER
Portable has been arrested again for assaulting a police officer after he got released from custody over debt of his...
EFCC HANDS OVER $22,000 RECOVERED FROM CONVICTED FRAUDSTER TO FBI
The Economic and Financial Crimes Commission, on Friday, handed over $22,000 recovered from a convicted internet fraudster, Hakeem Olanrewaju, to...
TROOPS FOIL KIDNAP ATTEMPT, NEUTRALISE IPOB/ESN MEMBERS, RECOVER WEAPONS
Troops of Operation UDO KA on Friday 17 May 2024 foiled an attempted kidnap of another law-abiding South Easterner (names...
POLICE ARREST THREE FOR ROBBERY IN ENUGU
The Enugu State Police Command has arrested three suspects for alleged armed robbery in the Enugu metropolis and Oji-River axis...
NEDC MOVES TO REDUCE SECONDARY SCHOOL DROPOUT, IMPROVE STUDENTS’ PERFORMANCE
The NorthEast Development Commission (NEDC) has initiated a programme to reduce the number of post-primary dropouts due to the decline...