Forex: FG to delist naira from P2P platforms

The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.

Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.

The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.

In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.

This is part of a number of regulations to be rolled out in the coming days.

He said, “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 decried how some market players were manipulating the value of the naira.

This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.

Ikeja Electric cuts tariff for Band A customers

The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h

This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.

The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.

Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.