*Nigeria Bans Person-to-Person Crypto Trading To Protect Naira*

Nigeria has recently made the decision to ban person-to-person (P2P) crypto trading in an effort to protect the Naira, the country's local currency. This move comes amidst a surge in crypto adoption and P2P trading, largely fueled by the declining value of the Naira. Despite the increasing popularity of digital assets in the country, the Nigerian authorities are concerned about the potential negative impact that cryptocurrencies could have on the Naira's stability. By banning P2P crypto trading, the government aims to safeguard the local currency and maintain control over its value.

Furthermore, Nigeria's Securities and Exchange Commission (SEC) is working on implementing new regulations for crypto exchanges and custodian firms in the near future. These regulations are expected to provide a framework for overseeing and monitoring the activities of crypto-related businesses in the country. The SEC's decision to introduce new regulations indicates a growing recognition of the importance of regulating the crypto industry to ensure investor protection and financial stability. By establishing clear guidelines for crypto exchanges and custodian firms, the SEC aims to promote transparency and accountability in the digital asset space.