Nigeria’s crypto industry has faced a tumultuous week, as fears of an imminent ban on peer-to-peer (P2P) trading loom large. A high-profile meeting between the Security and Exchange Commission (SEC) and crypto industry players on Monday failed to quell concerns, instead revealing that the SEC also attributes currency market volatility to retail crypto traders.
SEC Director-General Emomotimi Agama, in his opening remarks, emphasized the negative impact of P2P trading on the naira’s exchange rate. “What is very critical and which has brought about this meeting is the concerns regarding crypto P2P traders and their effect on the exchange rate,” he said. Agama, who was recently appointed as SEC chief, urged crypto exchanges to delist the naira from P2P trading pairs—a step many had already taken in March following intensified scrutiny of Binance.
Agama appealed to crypto traders to cease P2P activities, framing the request as a patriotic duty. “We ask that those involved in sharp practices that undermine national interest should cease and desist,” he said, dedicating much of his address to national security concerns tied to P2P trading.
He further urged the crypto industry to expose “bad actors” tarnishing its reputation by naming and shaming them. However, Agama also extended an olive branch, promising that the SEC would not impose regulations without industry input. Around 300 attendees were encouraged to share ideas and concerns that could shape Nigeria’s crypto policies.
“We have an open-door policy towards all that mean well for this country, especially in the fintech community,” Agama assured. In response, crypto traders requested the establishment of a working committee and a one-month window to draft regulatory proposals.
While the SEC’s assurances appeared conciliatory, the meeting primarily served to demonstrate the regulator’s efforts to engage the industry rather than provide concrete solutions. The looming threat of a P2P trading ban remains, leaving the industry in a state of heightened uncertainty.
