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Crypto Exchanges Stop Selling USDT/USDC In Naira
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A handful of crypto companies in Nigeria will no longer allow users to buy the USDT and USDC stablecoins with Naira after renewed scrutiny from the Central Bank of Nigeria (CBN).
“There was a meeting of crypto founders on Tuesday morning, and a number of them agreed to suspend the trades on their platform,” a person at that meeting told TechCabal. A second crypto industry player confirmed the meeting but declined to share details.
At least two crypto exchanges have told their Nigerian customers about the new development.
“We are suspending the buying and selling of USDT and USDC for Naira. This means you can’t buy or sell USDT or USDC with Naira,” said a notification sent by one exchange to customers.
Binance and other exchanges have found themselves in regulatory crosshairs as regulators believe that crypto platforms encourage speculators to manipulate exchange rates. This week, users could not access the websites of crypto exchanges like Coinbase, Quidax, and Binance.
Increased volatility in Nigeria’s FX markets has triggered several policy actions, and on Tuesday afternoon, Olayemi Cardoso, the Central Bank governor, claimed “$26 billion has passed through Binance Nigeria from sources and users we cannot identify.”
An autonomous group, the Digital Currency Coalition, also claimed in a presentation seen by TechCabal that speculative trading on the Binance peer to peer offering significantly contributed to the “113.1% devaluation of the naira against USDT” since February 2023. It is unclear how the Coalition arrived at its numbers.
Unconfirmed reports claimed two executives at a crypto company were arrested on Tuesday in a move to force the company to share its KYC data.
Zakari Mijinyawa, a special adviser to Nigeria’s National Security Adviser, Malam Nuhu Ribadu, said he was unaware of any arrests and suggested that law enforcement agencies may have done them.
Crypto exchanges are treading cautiously, three people who work in the industry told TechCabal.
“The office asked us not to wear Binance t-shirts and caps and to not attend Binance-related events for now,” a Binance employee who asked not to be named told TechCabal, describing uncertainty and fear similar to last year when the Securities Exchange Commission announced that Binance was operating illegally in the country.
At least five leading leaders in the crypto space declined to comment on this story, citing regulatory fears.
“It is exactly as it was during the EndSARS protests in 2020,” an early-stage crypto investor in the country told TechCabal, adding that he has received warnings from peers to avoid attracting attention from law enforcement.
News
FG jerks WAEC exam fees by 82%, parents to pay N50k
The Federal Government has endorsed a new examination fee of N50,000 for candidates sitting the West African Examinations Council (WAEC) and National Examinations Council (NECO) Senior School Certificate Examinations (SSCE), effective from 2027.
The approval was conveyed in a statement dated June 18 and signed by the Director of Senior Secondary Education at the Federal Ministry of Education, Adeniji Ibrahim. According to the statement, the decision followed a request by WAEC for an upward review of the SSCE registration fee for candidates from 2027.
The new fee represents an 82 per cent increase from the current registration fee of N27,500. Ibrahim explained that the decision stemmed from a meeting held on March 31, 2026, between the Minister of Education and examination bodies, where the need to review examination fees was discussed.
He stated that the Minister directed both WAEC and NECO to adopt a uniform examination fee for the conduct of their SSCE examinations.
You may recall that at a meeting of examination bodies held with the Honourable Minister of Education on March 31, 2026, where the need for an upward review of examination fees was discussed, the Honourable Minister directed that WAEC and NECO should adopt a uniform fee for the conduct of WAEC and NECO SSCE,” the statement read.
“Consequently, I am directed to convey the Honourable Minister of Education’s approval of the sum of Fifty Thousand Naira (N50,000) only as the new examination fee per candidate, with effect from NECO SSCE (Internal), 2027.”
The ministry also directed that the approval be communicated to all relevant stakeholders.
Confirming the development, the Ministry of Education’s Director of Press and Public Relations, Folasade Boriowo, told TheCable that the Federal Government had approved the upward review of the examination fees.
“I can confirm the approval of an upward review of the examination fees. I spoke with the director in charge a few minutes ago and he said the approval was done,” she said.
News
Iranian Newspaper lists Trump, European leaders as alleged revenge targets
An Iranian newspaper has published a controversial list naming former U.S. President Donald Trump, Israeli Prime Minister Benjamin Netanyahu, and several European leaders as alleged targets for revenge following the killing of Iran’s former Supreme Leader, Ali Khamenei.
The publication is linked to hardline elements in Iran but it is not clear whether the list reflects official Iranian government policy.
The report comes amid heightened tensions after Khamenei’s death and follows renewed vows of retaliation by Iran’s current Supreme Leader, Mojtaba Khamenei, who has publicly promised revenge for his father’s assassination.
The newspaper’s publication has raised international concern, with analysts warning that such inflammatory rhetoric could further escalate the already volatile security situation in the Middle East. While the list has attracted widespread attention, there has been no official confirmation that it represents an operational threat or an approved policy of the Iranian government.
The development comes as tensions between Iran, the United States, Israel, and their allies remain at one of their highest levels in recent years, with governments closely monitoring the situation for any signs of further escalation.
News
Military identifies Army lieutenant who paid supreme sacrifice in rescue of abducted Oyo pupils, teachers
Military sources have confirmed the death of an Army officer, Lieutenant F.A. Isaac, during the operation that rescued 44 abducted pupils and teachers from the Old Oyo National Park.
The victims were rescued on July 10, 2026, in a coordinated operation involving security agencies after spending several days in captivity.
According to the sources, Lieutenant Isaac was killed in the line of duty during the rescue mission and was buried the same day.
Oyo State Governor Seyi Makinde had earlier confirmed that the military recorded a casualty during the operation.
Sources said Lieutenant Isaac was among the officers leading efforts to rescue the abducted pupils and teachers when he was fatally wounded.
The pupils and teachers were abducted in Oriire Local Government Area of Oyo State on or about June 6, 2026, before their eventual rescue by security operatives.
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