The Securities and Exchange Commission of Nigeria plans to delist the country’s currency, Naira, from all peer-to-peer cryptocurrency platforms to combat dollar racketeering and exchange rate manipulations.

The development took place in the context of the Federal Government of Nigeria’s recent efforts to regulate the country’s estimated $57 billion cryptocurrency market.

During a Monday discussion with representatives of Nigeria’s blockchain business, Emomotimi Agama, the recently appointed Director-General of the Commission, revealed the government’s most recent proposal.

The Nigerian Blockchain Industry Coordinating Committee organized the gathering. Agama stated that new rules governing the cryptocurrency industry are presently being drafted by the government. P2P platform operators are accused of manipulating the value of the naira and the exchange rate.

“That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.

Just one week had passed since the Central Bank of Nigeria gave payment service banks instructions to warn their clients against transacting in cryptocurrencies when Agama made their announcement.

In the meantime, several regional exchanges in the nation—including Bitbarter, OKX, and several platforms run by Stakeholders in the Blockchain Technology Association of Nigeria—had purportedly discontinued naira services in support of the government.

Agama maintained that some bad players in the industry were manipulating the national currency, an act that the government was determined to deal with.

“We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.

“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.

“Patriotism can never be wished away. Whatever we do that would bring dishonour to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira,” Agama said.

Co-creation Hub (CcHub) has selected 12 Nigerian innovative ed-tech startups to join the second cohort of its Mastercard Foundation EdTech Fellowship which provides industry support and funding to empower startups driving change in Africa’s education landscape.

According to the Managing Partner at CcHub, Nissi Madu, the 12 selected startups will “gain access to a wealth of technical and advisory resources, mentorship, including courses on the science of learning, and access to a global network to help scale their impact.”

“The selected ventures include language learning solution Topset; testing and learning platform Exam Scholars; Data Entry Academy (DEA), a virtual academy and community that empowers job seekers with fundamental skills; and Genti Media, which focuses on African education and storytelling,” Madu said in a statement.

“Also selected are school discovery and matching platform Edusko; on-demand professional development course provider Harde Business; animation skills provider Magic Lab Academy; and interactive learning platform Proud African Roots.

“The cohort is completed by AI-enabled learning platform for the visually-impaired Vinsighte; social-emotional learning platform IM FLOW; career development platform WIFICOMBAT; and online learning service Skill Up With Kahdsole.

“After a rigorous application and selection process, we are enthusiastic about the potential of the selected startups to enhance the face of ed-tech in the region.

“After the success of cohort one, we are excited about the second cohort’s potential to add to better education outcomes for students in Nigeria,” Madu stated.

Madu added that the fellowship had provided initial support to 12 Nigerian startups in 2023, as well as 12 Kenyan companies, and is now back for its second year.

In February 2023, CcHub had announced a new partnership with the Mastercard Foundation under the Mastercard Foundation EdTech Fellowship Programme to launch a US$15 million ed-tech accelerator initiative in Kenya and Nigeria.