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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.

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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.

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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.

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“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.

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Nigerian military authorities place N60m bounty on two most wanted bandits, expose ISWAP commanders

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The Nigerian military has unmasked several senior commanders of the Islamic State West Africa Province (ISWAP) following what it described as a major intelligence breakthrough during ongoing counter-terrorism operations in the Lake Chad region of Borno State, placing a combined ₦60 million bounty on two of the group’s most wanted leaders.

The development came after troops of the Headquarters Joint Task Force (North East), Operation HADIN KAI, recorded a series of successful offensives against ISWAP terrorists operating in northern Borno, leading to the recovery of critical intelligence materials that exposed the identities, operational locations and command structure of several high-ranking insurgent leaders.

Acting Military Information Officer of Operation HADIN KAI, Captain Mohammed Goni, said troops recovered several technical devices and other high-value intelligence materials, including a camcorder allegedly used by the terrorists to produce propaganda videos and document their operations.

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According to him, forensic exploitation of the recovered devices generated actionable intelligence that enabled security forces to identify terrorist hideouts and several senior ISWAP commanders operating within the Mangari–Metele–Dogon Chukun axis along the fringes of the Lake Chad Basin in Abadam and Kukawa Local Government Areas of Borno State.

The military subsequently released photographs of dozens of identified ISWAP leaders and field commanders in a public appeal for information capable of leading to their arrest.

A large intelligence poster bears the inscription: “Most Wanted ISWAP Leaders – We Know Them. You Can Stop Them. These are known ISWAP terrorists and commanders operating in our communities. Your information can save lives and help restore peace.”

The poster contains photographs and aliases of at least 38 suspected ISWAP commanders and fighters believed to be active across northern Borno and the Lake Chad region.

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Jerry Falade loses $2m book deal over AI allegations

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A Nigerian author Jerry Falade has lost a publishing deal worth more than $2 million after concerns emerged that artificial intelligence may have been used in writing or editing his debut crime novel, Call Me, I’ll Hide the Body.

The novel, scheduled for publication in 2028, sparked a bidding war involving 14 publishing houses, with Macmillan U.S.‘s Minotaur imprint reportedly securing the rights.

However, Falade’s literary agents later withdrew the manuscript, saying they could no longer verify that AI was not involved in its creation.

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In an email to publishers, the agents said they initially trusted Falade’s assurance that the manuscript was written and edited without AI, but later concluded they could no longer authenticate how it evolved from its original draft to the final version.

Marc Gerald of Europa Content, which handled the U.S. auction, said an editor first raised concerns about possible AI use. Although the agency initially accepted Falade’s explanation without using AI-detection software, it cut ties with the author on July 29 after saying aspects of his account had changed.

Falade has denied using AI, arguing that Black authors are unfairly subjected to such allegations when their work gains international attention. He noted that some white authors have openly acknowledged using AI without facing similar consequences.

He also referenced U.S.-based Black authors Mia Ballard and HM Wolfe, who lost publishing deals earlier this year over similar claims. Falade added that AI-detection tools are known to produce false positives and maintained that publishing professionals who reviewed the manuscript would have identified any genuine misuse of AI.

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Osun guber: Your uncle will soon become jobless get him one – Uzodimma mocks Davido

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Imo State Governor and Chairman of the All Progressives Congress (APC) National Campaign Council for the Osun governorship election, Hope Uzodimma, has responded to singer David Adeleke, also known as Davido, over comments made ahead of the August 15 governorship poll in Osun State.

According to a report by Premium Times, Davido, while addressing supporters in his capacity as head of the youth campaign mobilisation team for Governor Ademola Adeleke, alleged that a politician from Imo State was planning to interfere in the Osun governorship election.

Although the singer did not mention any name, he alleged that the politician intended to use the election as a political battleground to prove a point and urged the individual to allow the people of Osun State to freely choose their preferred candidate.

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Reacting in a statement issued on Wednesday by his Senior Special Assistant on Electronic and Creative Media, Ambrose Nwaogwugwu, Uzodimma said Davido’s appeal was misplaced and should instead be directed to the people of Osun State, who would ultimately decide the outcome of the election through their votes.

The governor maintained that, as Chairman of the Progressive Governors’ Forum and the APC National Campaign Council for the Osun election, he had consistently advocated a peaceful, free and credible electoral process.

Uzodimma also stated that the APC would continue to appeal to the conscience of Osun voters to support and elect the party’s governorship candidate, Asiwaju Munirudeen Bola Oyebamiji.

He further claimed that many voters in Osun were prepared to vote out Governor Ademola Adeleke over what he described as the administration’s failure to fulfil its campaign promises.

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According to him, indications across the state suggested that a significant number of voters had rejected the current administration and were ready to embrace a new direction by voting for the APC in the August 15 governorship election.

Uzodimma also advised Davido to focus on preparing his uncle for life after office rather than making emotional appeals, insisting that the electorate appeared ready to support the APC candidate.

The Imo governor added that the singer should consider employing Governor Adeleke as a dancer in his music band after the election, expressing confidence that the governor could be out of political office after the governorship poll.

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