The head of the Securities and Exchange Commission (SEC) indicated that Nigeria plans to put in place additional rules in the coming days to combat illegal trading in digital assets and ensure that those who trade in such instruments are recorded.

SEC chief executive Emomotimi Agama told the main blockchain and cryptocurrency associations in Nigeria that the Naira currency should be removed from the list of peer-2-peer (P2P) exchanges to avoid manipulation. The authorities have taken action against cryptocurrencies, which they accuse of being behind the weaknesses of the naira. The Nigerian currency has reached historic lows due to the shortage of dollars, while cryptocurrency transactions have flourished in the country