The Director-General of the Securities and Exchange Commission (SEC) has called on the cryptocurrency community to help identify individuals responsible for manipulating the Nigerian Naira and to publicly shame them.
Mr. Lamido Agama made this plea during a gathering organized by the Blockchain Industry Coordinating Committee of Nigeria to engage with key industry participants on Monday.
Highlighting the gravity of the situation, the Director-General stressed that certain unscrupulous individuals within the cryptocurrency industry were tampering with the national currency, an act strongly condemned by the government.
“We ask with all sense of sincerity that those involved in sharp practices cease and desist. We encourage you to reach out to us by naming and shaming those involved,” Agama stated.
He underscored the importance of patriotism and the role of the cryptocurrency community in safeguarding the nation’s economic stability. Agama emphasized that the future of Nigeria hinges on the integrity and responsible conduct of its citizens, including those involved in the fintech sector.
“For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by doing so, we expect the fintech community to reciprocate by doing the right thing,” he added.
Agama reiterated that patriotism should prevail over personal gains, and any actions detrimental to the country’s reputation must be avoided.
“What is very critical and which has brought about this meeting is the concerns regarding crypto P2P traders and their effect on the naira,” he concluded.
The call to action by the SEC reflects the government’s determination to address concerns related to cryptocurrency trading and its impact on the national economy. As discussions continue within the industry, stakeholders are urged to uphold ethical standards and collaborate with regulatory authorities to promote a secure and sustainable financial ecosystem.
