Nigeria is reportedly stepping up its cryptocurrency crackdown with a proposed ban on peer-to-peer trading.
The ban would affect P2P trading in the country’s naira, Bloomberg reported.
The move is the latest effort by the West African country to place tighter controls on the crypto sector, which it blames for the decline of its national currency.
The bank put forth new guidelines that stressed the need for VASPs to get permission from the SEC to engage in crypto business.
Earlier this year, the country began banning crypto platforms such as Binance in a bid to rein in currency speculation that had devalued the naira.