In response to an ongoing regulatory conflict in Nigeria, Binance, a leading cryptocurrency exchange, has announced the discontinuation of all services for Nigeria’s fiat currency, the naira. Starting from March 8 at 8:00 a.m. UTC, Binance will automatically convert naira balances to USDT (Tether) at a conversion rate of 1 USDT per 1,515.13 naira. However, support for NGN deposits will cease after 14:00 UTC today, and withdrawals will be unsupported after March 8 at 6:00 a.m. UTC. Additionally, all spot trading pairs involving the naira will be delisted on March 7 at 3:00 a.m. UTC, with open spot orders for…
Author: Editor Francis
The Bank of Ghana has announced the suspension of foreign exchange (FX), trading licences belonging to two Nigerian-owned banks operating in Ghana. The affected banks, Guaranty Trust Bank (GTB) and First Bank of Nigeria (FBN), will face a one-month suspension starting from March 18, 2024. The decision, according to the Ghanaian apex bank, was made in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723). The suspension follows the discovery of various breaches of foreign exchange market regulations, including instances of fraudulent documentation in their FX operations. The Bank of Ghana stated that the licences will be…
In response to concerns raised by mental health experts, the House of Representatives has initiated an investigation into the ban imposed on the production of sachet and small bottled alcoholic drinks in Nigeria. The move comes after psychiatrists emphasized the detrimental effects of high alcohol intake, particularly among the youth, linking it to mental health problems. The ban, implemented by the National Agency for Food and Drug Administration and Control (NAFDAC) in January, was aimed at curbing rising drug abuse, especially among young people. However, members of the House, including Paschal Agbodike and Philip Agbese, raised questions regarding the circumstances…
In the midst of a nationwide blackout and escalating electricity supply issues in Nigeria, recent data reveals a staggering failure by power distribution companies to distribute a substantial amount of electricity. Between February 1st and 14th, 2024, these companies neglected to utilize approximately 1,769.91 megawatts of electricity, as disclosed by the Transmission Company of Nigeria (TCN) in Abuja. Despite some firms receiving an excess allocation of electricity during this period, most failed to fully utilize the energy provided by TCN. This grim situation prompted Nigeria’s Minister of Power, Chief Adebayo Adelabu, to summon both power companies and TCN officials to…
The Jos Electricity Distribution Company (JED) has advised its customers in Gombe State not to pay anyone to repair faulty electricity transformers in their communities. The Chief Security Officer, JED, Mr Musa Abdullahi, told the News Agency of Nigeria (NAN) on Monday in Gombe that it was not the responsibility of customers to repair faulty transformers . Abdullahi said that residents were expected to report to the nearest JED office whenever a transformer was faulty and should not pay any of its officials to repair the transformer. He said that instances where some members of communities were asked to contribute…
As the industry mourns the passing away of the late billionaire banker, Aliko Dangote, Chairman and CEO of Dangote Group, announced the naming of the “biggest” road network leading to his Lagos refinery after the esteemed Herbert Wigwe. The decision comes as a tribute to the late CEO of Access Holdings, who tragically lost his life alongside his wife and son in a helicopter crash in California, United States. During the memorial event organised in Wigwe’s honour, Dangote expressed his admiration for the late banker, likening him to a soldier despite not serving in the military. “Part of the…
In a bid to curb the rising cases of road accidents caused by overloading and night trips, the Federal Road Safety Corps (FRSC) has issued directives to its Commanding Officers to escalate enforcement efforts nationwide. The Corps Marshal, Dauda Ali-Biu, emphasized the urgency of the matter following two tragic accidents on Monday resulting in the loss of 17 lives. These incidents occurred at Tashar Yari village along the Zaria-Kano Expressway in Kaduna State, and near the Fire Service Academy along the Yangoji-Gwagwalada Expressway in the Federal Capital Territory (FCT). One of the accidents involved a trailer overloaded with grains and…
Edo State Governor, Godwin Obaseki, has voiced his disagreement with the Central Bank of Nigeria’s decision to raise the Monetary Policy Rate (MPR) by 22.75 percent. Speaking at the Annual Dinner of the Edo Zone Bankers Committee in Benin City, Governor Obaseki argued that the move is not a solution to the prevailing economic challenges in the country. Governor Obaseki emphasised the importance of enhancing local production to meet domestic demand for goods and services. He stressed that focusing on increasing production and reducing dependency on imports is crucial for economic growth. Expressing his concerns, Governor Obaseki stated, “Our economic…
Minister of Aviation and Aerospace Development, Festus Keyamo, has vehemently denied allegations suggesting plans to relocate a firefighting simulator from the Nigerian College of Technology in Zaria, Kaduna State, to Lagos. In a statement released on March 3, 2023, by the minister’s Special Assistant on Media and Communications, Tunde Moshood, via Keyamo’s official X account, the ministry refuted the claims, branding them as the handiwork of mischief-makers aiming to disrupt national stability. The statement, titled ‘Aviation Ministry Refutes Unsubstantiated Rumour Regarding Movement Of Fire-Fighting Simulator From Zaria To Lagos,’ clarified that there was no substance to the rumour. Keyamo emphasised…
The Nigeria Employers’ Consultative Association (NECA) has issued a stern warning regarding the potential ramifications of the Ministry of Interior’s proposed expatriate employment levy. NECA expressed concerns that the levy could act as a deterrent to investment in the country. The association criticized the levy, highlighting the necessity for specific regulations to precede its implementation. NECA emphasized that the imposition of such a tax could hinder the Federal Government’s ongoing fiscal and monetary reforms. NECA’s Director-General, Adewale-Smatt Oyerinde, raised significant objections to the levy, labeling it as exploitative and contradictory, particularly during a period when Nigeria actively seeks Foreign Direct…
The Chief of Army Staff, Lieutenant General TA Lagbaja, inaugurated a state-of-the-art solar-powered computer laboratory at Government Girls Secondary School Charanchi in Bichi Local Government Area of Kano State on March 2, 2024. This initiative, part of the Chief of Army Staff Special Intervention Civil-Military Cooperation Project spearheaded by Major General UB Abubakar, marks a significant step towards enhancing educational infrastructure in the region. Representing the Chief of Army Staff was Major General NC Ugbo, Chief of Civil-Military Affairs, who conveyed the army’s commitment to fostering development beyond traditional military operations. The newly commissioned laboratory boasts 25 computer sets, an…
In a recent address during a pre-Ramadan lecture organized by the University of Lagos Muslim Alumni (UMA), Niyi Yusuf, the chairman of the Nigerian Economic Summit Group (NESG), delivered a stern message to the federal government under President Bola Ahmed Tinubu. He asserted that the ambitious goal of achieving a $1 trillion Gross Domestic Product (GDP) growth target by 2030 is unattainable in Nigeria’s current energy landscape, which he described as a ‘generator economy’. Yusuf emphasised that a staggering 46 percent of Nigeria’s population lacks access to electricity, highlighting the critical need to address the persistent electricity supply issue for…