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Naira Is Removed From Binance’s Peer-to-Peer Market Due To Nigerian Government Crackdown

The popular cryptocurrency trading site Binance removed the Naira, the currency of Nigeria, from its peer-to-peer feature on Wednesday.

The P2P market functionality enables users, buyers, and sellers to conduct transactions without the involvement of a third party.

Nigerians first learned about it in 2021 when the government of former president Muhammadu Buhari outlawed cryptocurrency trade in the nation.

SaharaReporters discovered that the elimination of their currency has prevented many Nigerian users from using the feature.

Nigerian authorities claimed that Binance’s removal of Naira from its P2P market was a result of the platform’s role in the devaluation of the currency.

Bayo Onanuga, President Bola Tinubu’s Special Advisor on Information and Strategy, said on Wednesday that Binance’s arbitrary foreign exchange rate fixing would ruin the Nigerian economy if it isn’t stopped.

The National Security Adviser Nuhu Ribadu’s office detained two Binance employees on Wednesday, according to a report published in the Financial Times. The detentions were a result of an inquiry into the cryptocurrency exchange’s activities in Nigeria.

By cracking down on bitcoin exchanges, their imprisonment in Nigeria was an attempt to stop naira speculation and stabilize its wild decline.

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Killer Herdsmen Out: I’m Back to Chase – Sunday Igboho Warns

Sunday Adeyemo, also known as Sunday Igboho, is a Yoruba nation activist who has declared that he is returning to Yorubaland to pursue killer herdsmen.

In a video that went viral on Tuesday, he made these remarks to a group of supporters after his mother’s funeral in his hometown of the Igboho area of Oyo State.

The Yoruba-speaking activist claimed that neither the federal government nor the army stationed in Yorubaland—particularly in Ekiti, where kings were assassinated in broad daylight—could bring an end to the alleged murderers.

“I want you all to stand with me so that we can free ourselves from the encroaching herders on our lands,” he declared. If we don’t establish security throughout the Yoruba territories, they will seize our territory.

“We don’t need to hold out for the authorities or anybody else. Just let’s get to work together. These herders are the reason we are unable to farm on our grounds. And our people are outraged and going hungry. The soldiers that the government says it has sent to Ekiti State are not necessary. We operate in line with our Elders and mount places.

“My fear used to be my mother, but now that she’s gone, I don’t have anything to fear.” I’m returning now to reclaim our territory.

The activist from Ibadan questioned whether he could be working for politicians and whether they would still want him dead, while criticizing the rumour that he was employed by them.

“I work for no political party. If I happened to smack someone, the authorities would be more than happy to take me into custody. I’m prepared to act to put an end to these marauders’ operations on our territory, but I know they are attentively observing me right now to see what I will do next,” he insisted.

Adeyemo managed to flee from a deadly Department of State Service nighttime raid on his Ibadan home, according to a 2021 PUNCH article.

He and his spouse, Ropo, were subsequently taken into custody in the Benin Republic on July 19, while traveling to Germany. That being said, in October 2023, he was liberated.

The liberation soldier just got back to Nigeria in time for his mother’s funeral.

Igboho said there was an attempt on his life when his Ibadan home was raided.

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The Reason President Tinubu Selected To Keep the Naira in the Currency

President Bola Ahmed Tinubu’s reasoning for floating the naira has been made public by the Presidency.

According to the statement, the decision was made because the Central Bank of Nigeria (CBN) was maintaining the value of the naira at the official rate by spending almost $1.5 billion each month.

This was revealed in a recent interview with Arise News by Bayo Onanuga, the President’s Special Advisor on Information and Strategy.

According to Onanuga, some connected to Godwin Emefiele, the previous governor of the Central Bank of Nigeria, and others close to some members of Muhammadu Buhari’s administration allegedly collected money at the official rate and sold it on the black market.

“Under the previous administration (of the CBN), as per media reports, the CBN was spending roughly $1.5 billion every year,” he stated.

In this case, individuals close to the former governor and other government figures were receiving payments at the official rate. They then engaged in arbitrage, or the sale of the funds obtained through roundtripping and selling them on the black market, where they profited handsomely for doing nothing. The government attempted to prevent some of these things.

Onanuga added that foreign direct investment (FDI) had eventually “dried up” because investors were unwilling to make investments in an area where there was unstable currency rates because of the gap in the official window and the parallel market.

According to the presidential adviser, market prices for goods and commodities were rising faster than they ought to.

“Some of the price increases we are seeing are extremely phony; it seems like everyone is just raising prices,” he stated. Because even if you want to dollarize your economy, you actually can’t tolerate the kind of extremely sharp price increases that this nation is currently experiencing if you line it with the exchange rate.

Onanuga went on to say that although more money had been allocated to the lower levels of government, there had been no progress in the last few months, so more complaints and queries should be addressed to state and local government councils rather than the federal government.

“I’m sure the naira will begin to wax stronger and stronger and probably go to the rate that Governor Cardoso envisages it will be instead of the rate we have now if we can sustain the stability we have now if we can ensure that we don’t have the volatility anymore,” he continued.

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See Who’s Behind The Ibadan Explosion – Residents Reveals

The individual responsible for the explosion in Ibadan on Tuesday is a Malian engaged in illegal mining activities in certain areas of Oyo State, according to a report by Daily Post.

Some of the residents of the street where the incident occurred told Daily Post on Wednesday that the Malian was the one occupying the building where the incident occurred.

Recall that an explosion occurred at Dejo Oyelese close, Bodija Housing Estate in Ibadan on Tuesday.

Two people were confirmed dead, several others injured and property worth millions of naira destroyed.

An octogenarian, who spoke with Daily Post Tuesday evening, said that the Malian has been living in the house for some years.

“He is from Mali. But I did’t know that he was keeping such explosives in the house. We know him to be a Malian. Everyone knows that he is doing illegal mining.

“He and his family members left before the incident. He saw that the thing was on flames, so he took his children and wife out, and he ran away. Even some people who were aware of the flames left immediately.

“He is doing business in the Oke Ogun area. Only those who were not aware were affected. The man and his family members will still be in Ibadan here. They have their people in Ibadan,”he said.

Another resident, who has been living in the area for over two decades, noted that many people in the area refused to speak because of fear of attacks.

The man who is in his 60s told DAILY POST that, “People will not want to talk. What will they say? What the first person told you is not far from the truth.

“Go and check all the places I have mentioned. If you enter from Obasa, only a few houses are occupied by Nigerians.

“Majority of the houses there are being occupied by Malians. Malians have bought the majority of the houses there. Go and check it out. It is because of our complacency,” he lamented.

Another resident disclosed that the Malian left his earlier abode after a petition by residents.

“The man is into illegal mining activities. He has been living in the house for over one year. I was not at home when the incident occurred, but when I came from work, I went there to see the building.

“Three houses completely collapsed.

“We saw some documents. There was a petition against him by fellow tenants in his former residence.

“It forced him to leave the place and come here. He brought all the documents here. All the documents were blown away by the explosion. That was how we got them,” he added.

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Dollar to Naira Black Market Rate: Everything You Need to Know (February 2, 2024)

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate.

Looking to exchange dollars for naira on the black market or parallel market? This article provides current rates, key terms, and important information.

What is the Black Market Rate?

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate. However, transactions occur outside regulated channels, carrying inherent risks.

 

Key Terms:

  • Buying Rate: The price you pay in naira to obtain one dollar.
  • Selling Rate: The amount of naira you receive for exchanging one dollar.
  • BDC Operators/Abokis: Individuals or businesses facilitating black market exchanges.

Today’s Rates (February 2, 2024)

 

Black Market Rate

  • Buying ₦1425
  • Selling ₦1435

CBN Rate

  • Selling ₦1414
  • Buying ₦1413

Please note that

  • Rates are fluid and can change rapidly.
  • Lagos and Abuja often offer better rates due to their strategic location.
  • Transactions carry inherent risks due to the unregulated nature of the black market.
  • Consider alternatives like licensed bureau de change operators for safer transactions.
  • This information is for informational purposes only and does not constitute financial advice.

Remember: Exercise caution when exchanging currencies on the black market. Always compare rates, inquire about fees, and prioritize safety and transparency.

 

Disclaimer: I am not affiliated with any financial institutions and cannot endorse specific services or providers.

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Tinubu Moves Crude Oil Sales Revenue From NNPCL To CBN

President Bola Tinubu has reportedly given a new order to the Central Bank of Nigeria (CBN).
Tinubu ordered the apex bank to take over the responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL).
The move was to show transparency and accountability as NNPCL over the years has maintained sole control over crude oil sales, and only rendered accounts to the Federal Government.
According to Western Post, under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation.
A source within the CBN confirmed to the news platform that receipts of payment for the oil sales will be forwarded to the apex bank with immediate effect.
The source added that the new arrangement will block any gap in the crude oil sales and declared receipts.
Experts told the news site that this arrangement is opaque as it makes the NNPC the overall responsibility rendering whatever amount it wishes to FG for the crude oil sales.
They added that the move is no longer tenable amid declining oil revenue following lower oil production arising from crude theft and other sharp practices.
Recall that the CBN Governor, Olayemi Cardoso, last week stated that the collaboration with the Ministry of Finance and the NNPCL is to ensure that all foreign inflows are returned to the Central Bank.
Cardoso, who was delivering a keynote address at the launch of the Nigerian Economic Summit Group (NESG) “2024 Macroeconomic Outlook Report”, said, “This coordinated effort will greatly enhance the Bank’s foreign exchange flows and contribute to the accretion of reserves.
 
“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.
 
“This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.
 
“The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.”
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Gunmen Abduct Oyo PMS Chairman, Akintola

Some unknown gunmen abducted Alhaji Akeem Akintola, the Oyo State Chairman of Tipper, Lorry, and Quarry Park Management System (PMS) on Saturday.

The News Agency of Nigeria reports that Akintola, popularly known as KUSO, was kidnapped at his residence at Ajiboye area, Omi Apata, Ibadan.

A source, who did not want his name published, said the gunmen stormed Akintola’s residence in the early hours of Saturday and abducted him to an unknown destination.

Efforts to reach the Police Public Relations Officer, PPRO, in Oyo State, SP Adewale Osifeso, proved abortive.

Several calls put through to his number were not answered.

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Kidnapping Increased After Tinubu Took Office – Peter Obi

Peter Obi, the 2023 presidential candidate of the Labour Party (LP), has lamented about the high spate of kidnappings in the nation.

In a post via his official X handle, Obi said the kidnappings of Nigerians increased rapidly after President Bola Tinubu assumed office on May 29, 2023.

The former Governor of Anambra stated that the government is rewarding those who paid to get Tinubu elected rather than spending money to tackle insecurity in the nation.

Obi also called on the Tinubu government to increase the defence budget and stop spending funds on fancy weapons systems that fail to tackle the roots of the problem, which are poverty, poor education, and anger at army atrocities.

The LP chieftain also called out those who have continued to see his criticism of a bad system as bad and are maligning his person and the Obidients for seeking good governance and a better future for all Nigerians.

He wrote: “For those who have continued to see my issue-based constructive criticism of a bad system as bad and are maligning my person and the Obidients for seeking good governance and a better future for all Nigerians, let them now read this report from the respected international newsmagazine, The Economist of London and do the same.

“How much politicians in Nigeria care about national insecurity has long been correlated with how close it gets to their mansions in Abuja, the capital. On its outskirts on January 2nd, a father and his six daughters were kidnapped, prompting a rare outcry on high.

“A crowdfunding effort to pay the ransom was even backed by a former minister. But the kidnappers instead killed one of the girls and demanded more cash. The wife of President Bola Tinubu publicly lamented a “devastating loss”. Yet such horrors are still appallingly frequent—and largely ignored by politicians.

“In one incident last week in the South East, 45 people were kidnapped and are still missing, yet few leaders spoke out. The deadliest zone is the Nort East, where jihadists linked to Islamic State attack the army and villages. The North-west, too, is riddled with gangs that routinely kidnap for ransom. A decades-long conflict between mostly Muslim herders and largely Christian farmers rumbles on in the country, where on Christmas Eve, gunmen mowed down at least 160 people.

“Separatist violence still smoulders in Southe East. At his inauguration last May, Mr Tinubu declared security his “top priority”. Yet more than 3,600 people were kidnapped in 2023, the most ever, according to tAcleded, a global monitor of conflict.

“The snatching rose sharply after Mr Tinubu took office. And almost 9,000 Nigerians were killed in conflict last year (see chart). The government stresses that, in its most recent budget, spending on defence and the police took the biggest share, about 12% in all.

“The Defence got a fifth more than it did last year. Yet inflation is running at 29%, so in real terms, the defence budget has fallen. The government tends to splurge on fancy weapons systems that fail to tackle the roots of the problem, which are poverty, poor education, and anger at army atrocities.

“The latest budget includes funds for six t-129 Turkish attack helicopters on top of the 12 costly Bell choppers bought last year from America for $1bn, not to mention 12 Super Tucano attack aircraft. Buying strike drones has become so popular that the Army runs in a fleet alongside that of its forces. But drones are very good at guarding schools from kidnappings, and heavy weaponry risks disaster. A drone recently killed at least 85 civilians at a festival in Kaduna state—not the first such cock-up.

“The army promised to “fine-tune” its operations, but more radical change is needed. The police, well equipped but able to use better human intelligence, should lead on domestic security, not the army, which has been deployed in all 36 of Nigeria’s states.
Another huge problem is graft in security spending. “Defence is a prime part of the budget where you can take large quantities of money out without people being any the wiser,” says Matthew Page of Chatham House, a think-tank in London.

“Much of the budget, he says, is still about rewarding those who paid to get Mr Tinubu elected. Sometimes the army fails to receive its budget allocation. This is worsened by a system known as “security votes”, whereby parts of defence spending are deemed too sensitive to o require public oversight.

“The practice, which accounts for perhaps $700m a year, increased sharply under the last president and may well jump more under Mr Tinubu. The defence budget has nearly tripled since 2019. But thanks to inflation, wasteful purchases, sales, and corruption, Nigerians do not suffer. General Christopher Musa, the Chief Defence Staff, appears to understand the roots of the insecurity. “Military effort alone is incapable of restoring enduring peace,” he says, adding that the army helped build hundreds of schools under his command in the north-east. Yet many politicians seem keener to spend on themselves, rather than create the conditions for peace or fill the country’s fiscal hole. Even if Mr Tinubu resists the temptation to reinstate the petrol subsidy that he largely removed last year, debt servicing alone in 2024 may gobble up 61% of revenue.

“In November, the national assembly approved SUVs for all 460 lawmakers, at a reported cost of $150,000-plus per car. In two months, the government has budgeted $31m to improve accommodation for the president and vice-president—in a country of around 220m people where more than 80m are reckoned to live on less than $2.15 a day and many fear being kidnapped.”

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Gov Makinde Presents Report Of Ibadan Explosion To Tinubu In Abuja

Oyo State Governor, Seyi Makinde has presented a report of the explosion that rocked Ibadan, the state capital, to President Bola Tinubu.

It was gathered that Makinde presented the report to the President over the weekend.

Recall that an explosion rocked the Dejo Oyelese Close, Adeyi Avenue, Bodija area of Ibadan, the Oyo State capital, last Tuesday, leading to the death of at least five persons, injuries to others, and the destruction of several buildings.

While presenting the report, Governor Makinde, according to The Nation, appreciated the presidency for its support following the incident, noting that the Oyo State government would do everything possible to provide succour to victims and to fish out and punish those behind the tragedy.

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Ibadan Explosion: Those Who Brought Tragedy On State Will Be Punished, Says Gov Makinde

Governor ‘Seyi Makinde of Oyo State has stated that the state has identified the company responsible for storing the explosives that led to Tuesday’s explosion on Dejo Oyelese Street, Adeyi Avenue, Old Bodija, Ibadan. He emphasized that appropriate legal actions will be taken to ensure accountability and justice for the incident.

The governor stated this on Wednesday, during a press conference on the incident, held at the Briefing Room of the Governor’s Office, Secretariat, Agodi, Ibadan, saying: “Those who brought this tragedy on Oyo State will be brought to book.”

According to a statement signed by Sulaimon Olanrewaju, Special Adviser (Media) to Oyo State Governor, Governor Makinde called for calm, assuring that the state government has been on top of the situation and that it is leaving no stone unturned regarding the search and rescue of victims at the rubble of the incident as well as the welfare of victims and the security of their properties.

He maintained that it is a trying time for the state and that its people must draw on their strength and resilience and be their brother’s keepers.

According to the governor, some measures already taken by the state government to address the situation include the setting up of an Emergency Operation Centre to oversee search and rescue.

He vowed that search and rescue efforts would continue until all lives in the vicinity of the blast were accounted for, adding that the state government had also made provisions with hotels to accommodate victims and those living close to the site of the incident once they could identify themselves.

Governor Makinde also revealed that President Bola Tinubu spoke to him to commiserate with families who lost loved ones to the incident as well as promise the support of the Federal Government on the situation.

He appreciated the President for also deploying the National Emergency Management Agency (NEMA), which he noted was on the ground at the scene of the explosion.

The governor recounted that so far, there were three deaths from the incident and that the number of the injured was about 77.

He warned residents of the state to be wary of spreading fake figures and misinformation regarding the fatalities and the number of casualties.

The press conference came shortly after the governor had visited some victims of the incidents at different hotels around Bodija, Idi Ape and Ikolaba axes, where the state government is providing accommodation and feeding for them.

He said: “Since yesterday, our security agencies, first responders, emergency services and all other relevant agencies have been working diligently as they carry out search and rescue operations.

“Just this morning, another individual was recovered from the rubble. I want to assure you that the search and rescue operation will continue until all lives within the vicinity of the blast are accounted for.

“We are aware that aside from the immediate perimeter of the incident, people as far as 25km away may have been affected physically or psychologically. We have, therefore, put the Emergency Operation Centre, which is being headed by Professor Temitope Alonge, to coordinate all search and rescue efforts.

“I would like to appeal to our people to remain calm as we do everything to provide succour to everyone concerned. Some numbers have been provided to reach out to the Emergency Operation Centre.

“I know the 615 is operational but there are additional ones: 07049948057 and 08147672009. If you have any information regarding any persons who may still be trapped within that perimeter. Please call that number and we will respond to you.”

The governor appealed to those staying in any of the houses within 250 metres of ground zero to move out to government-provided accommodation until a structural integrity test was conducted on the buildings.

Makinde also issued a stern warning to individuals who might be planning to take advantage of the incident to perpetrate crimes, noting that security agents would deal decisively with such individuals.

He promised that the state would continue to provide regular updates regarding the actions it is taking through the EMO and its various back channels on and off social media.

While addressing journalists, the Head of the Emergency Operations, Prof. Alonge said an emergency response to the incident was to set up a team of about 40 doctors, 40 nurses and 25 medical students at the University College Hospital, Ibadan.

He added that victims who were injured were receiving medical attention in private and government hospitals and that most of them were in stable condition.

Apart from doctors and nurses, we have added to our team physiotherapists, clinical psychologists and they were on ground yesterday to assess the psychological state of the survivors of this unfortunate incident,” he said.