Nigeria will ban private crypto transactions using the country’s legal currency, the Naira

Nigeria will ban crypto transactions between individuals using the country’s fiat currency, the naira, in its latest move to restrict an industry accused of undermining the country’s currency. New rules will be rolled out in the “coming days” and cover cryptocurrency exchanges, digital asset custodians and other areas of the industry, Nigeria Securities and Exchange Commission Chairman Emomotimi Agama said at a meeting with fintech professionals on Monday. At the same time, in a statement released by the Abuja-based stock exchange late Monday, Emomotimi Agama also said that what needs to be done is to remove the naira from the P2P space to avoid the level of manipulation that is currently taking place. Previously, Nigeria banned Binance in the country and arrested two Binance executives when they visited the country in February. (Bloomberg)