Mr Emomotimi Agama, the Director General of the Securities and Exchange Commission, disclosed this in a virtual meeting with blockchain stakeholders on Monday.
This move aims to tackle the manipulation of the local currency’s value in the foreign exchange market.
from punch
pls,who knows what that means?
ReplyDeleteJust like PayPal and other on-line transactional platforms, Naira will be off from there. I think dollar did something similar recently but nt too sure
DeleteThis is long overdue. It simply means those using crypto platform cannot easily convert their dollar earnings to Naira. And if they are living in Nigeria ( which majority of them are) they would need to buy naira with their dollars. Meaning naira would become partially scarce and would regain some marginal value over time. As transaction would be between crypto and dollars, not crypto and naira again.
ReplyDeleteWhy are they attacking crypto so bad in this country, every attempt to make money legally without the government help is always attacked, they don’t want us to excel or what, every modern country is accepting and learning how to use crypto to better their economy, but not us 💔
ReplyDeleteI’m so frustrated by all of these I can’t even lie, when does it stop🤦🏾♂️
Nigeria is not attacking crypto as much as the USA, China, UK, EU countries and every other serious system.
DeleteWhen the rug pull Ponzi schemes of SBF AND Z save over criminals left many with their investments gone, government was again blamed. When criminals use crypto to launder and rob vulnerable elders and people in dire emotional straits, governments all over the world we blamed.
People gambling with the value of the local currency in the name of doing crypto as most young Nigerians are who are complaining are Doing should please watch a documentary on the 2008 economic crisis since reading would be thigh an ask. They may also find the beanie baby collection craze that tanked the finances of many middle class speculators at the turn of the decade fascinating especially in it's similarities to the JPEG, I mean, NFT and crypto collection of today.
The only most factual alternative is bitcoin which is unlikely to scale except like gold and you are too poor to speculate on it.
Pls economists in the house, come and explain this
ReplyDeleteWe don't need an economist to explain this. Na babalawo fit talk wetin dem mean.
DeleteAll this is running from pillar to post. Move the economy into production. Cut cost of governance. Stop waste, corruption. Let them keep chasing shadows and cobwebs.
ReplyDeleteWell said.
DeleteAre you minding them, let us see what else will come up if after this one same old stories.
DeleteGod bless you jare.i wonder wats next.d sooner they realize,d better for them.
DeleteA comical repeater who doesn't know that production comes at a cost that had to be addressed by making sure monetary instruments are effective.
DeleteWithout a stable currency, loans, electricity, exports, importation of vital machinery, software etc, production is impossible and unprofitable. that production that an importer of toothpick and biscuit told you but did not achieve in his 8 years in office would be impossible to achieve without the lofty attempts at fiscal reform of this administration. When the most productive governor in the 4th republic turned around the productive fortunes of Lagos without federal help, he did it through tax reform, digital onboarding, digitalisation of bureaucratic process,, all which led to reduce cost of governance and increased local production of goods and services. This is something those deceiving you have been unable to do in their areas of influence during their tenure as VP and governor.
Anyone peddling the insane and unintelligent idea that opening a physical factory to be producing rechargeable lamp will bring a turnaround without proper revamping of the fiscal system should focus on their supermarket business or stick to mixing cream. They should talk those who have jumped into production and got burned because they paid little mind to fiscal reality.
Analysing the amount of money China has to spend on subsidizing the slave labour of orphans so that other nations can buy at cheaper rates in the name of production and why they are now looking to de-finance these industries but fear an uprising as a result of no alternative jobs.
Pls oo who knows should help us understand....thank u..
ReplyDeletePlease someone should explain to me
ReplyDeleteIs this the solution to all our problems 🤔 😕
ReplyDeleteDelisting the Naira from peer-to-peer (P2P) cryptocurrency trading platforms refers to the process of removing the Naira (Nigerian currency) as a trading pair in these platforms. Let me provide more context:
ReplyDeleteBackground:
The Naira is the official currency of Nigeria.
P2P cryptocurrency trading platforms allow users to directly exchange cryptocurrencies with each other, without intermediaries like banks or exchanges.
In recent times, there have been concerns about manipulation of the Naira’s value on these platforms.
Reasons for Delisting:
The Securities and Exchange Commission (SEC) in Nigeria plans to delist the Naira from P2P platforms to curb manipulation.
Manipulation can negatively impact the exchange rate of the Naira, affecting its value in the foreign exchange market.
By delisting the Naira, the SEC aims to reduce such manipulation and maintain market integrity.
SEC’s Approach:
The SEC seeks cooperation from participants in the crypto space.
They encourage stakeholders to name and shame bad actors who disrupt the markets negatively.
The SEC will roll out regulations to control these areas and ensure that registered entities comply.
Their goal is to protect national interests and uphold the integrity of the capital market.
Collaboration and Regulation:
The SEC emphasizes collaboration with the crypto industry.
They want to streamline processes, make licensing less difficult, and ensure best practices.
The law applies irrespective of the technology used, emphasizing adherence to existing rules.
In summary, delisting the Naira aims to address manipulation concerns and protect the interests of investors and the Nigerian financial ecosystem
from Vanguard
Thnak you for sharing more light yo this P2P stuff.
DeleteAll the story above doesn't explain anything to a layman.
DeleteThanks 🤝
DeleteAnything they said am okay with it , so far food go they cheap.
ReplyDelete