Bloomberg: Nigeria will ban naira from inter-personal cryptocurrency transactions

ChainCatcher news, according to Bloomberg, Nigeria vowed to ban the use of naira for person-to-person cryptocurrency transactions, the latest move by the West African country to control an industry accused of damaging the local currency.

Emomotimi Agama, chairman of the Nigerian Securities and Exchange Commission, also said at a meeting with fintech professionals on Monday that new regulations will be introduced in the "coming days" to cover cryptocurrency trading platforms, digital asset custodians and other areas of the industry.

"Recent concerns about cryptocurrency peer-to-peer traders and their impact on the naira exchange rate highlight the need for collective action," Emomotimi Agama said in a statement released by the Abuja-based stock exchange late Monday.