Economy

Tinubu wants Fresh Court order to extend detention of Binance Officials

Published

6 months ago

March 18, 2024

The Federal Government of Nigeria, under President Tinubu‘s administration, has sought an extension of the detention of two Binance officials.

The Economic and Financial Crimes Commission (EFCC) went to the magistrate’s court in Abuja seeking a new order to extend the detention of the US citizen Tigran Gambaryan and the British Kenyan Nadeem Anjarwalla. This is one of the developments in Nigeria’s wide crackdown on cryptocurrency platforms.

Gambaryan and Anjarwalla have been in custody for the last fortnight. The EFCC seeks further remand of the individuals while investigations are in progress. The first court decree permitting their confinement expired on Tuesday. When contacted, the EFCC spokesman, Dele Oyewale, declined to comment on the issue.

Nigeria’s government has also stepped up efforts to control the cryptocurrency market. It claims that platforms such as Binance enable currency speculation. As a result, the national economy suffers. Nigerian users have been denied access to Binance’s website as part of these regulatory measures.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, noted that over 26 billion dollars went through Binance in the last year. The media aide Bayo Onanuga has stated that the cryptocurrency platforms are engaged in rate manipulation and economic sabotage. In the wake of the government’s crackdown and the arrest of its officials, Binance declared that it is stopping naira transactions. It also left the Nigerian market.

The long detention of Gambaryan and Anjarwalla has caused much suffering to their families. Gambaryan’s wife has mentioned the trouble this poses for the family, especially the children, who almost daily ask when their father will be home. The cryptocurrency platform that employs these arrested officials is Binance, and they have said they are collaborating with the Nigerian authorities to free them. Nonetheless, it has avoided giving any details about the case itself.

Additionally, Nigeria’s Securities and Exchange Commission (SEC) has suggested a considerable raise in the minimum paid-up capital for crypto exchange registration. The current minimum of ₦500 million ($314,000) will increase to ₦1 billion ($628,000).

This proposal is designed to enhance supervision and reduce risks in the cryptocurrency industry. The SEC’s move is part of a general drive to improve the criteria of the registered crypto exchange within the dynamic digital currency world.

Economy

CBN sells $20,000 to BDCs at 1,580

Published

20 hours ago

September 7, 2024

Kayode Sanni-Arewa

The Central Bank of Nigeria has announced the sale of dollars to Bureau De Change operators.

This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Friday.

The latest intervention of the central bank comes days after the Nigerian naira has been taking a beating at both the official and parallel market where it has depreciated to about 1,670/$ on Friday.

The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”

The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 6th September 2024

Published

2 days ago

September 6, 2024

Naijablitznews

By Mario Deepromoter

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1635 and sell at N1645 on Friday 6th September 2024, according to sources at Bureau De Change (BDC).

Black market dollar to Naira exchange rate on Friday 6th September 2024 can be accessed below.

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1645
Selling Rate N1635
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1625
Selling Rate N1630
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Economy

NNPC Announces Date To Start Lifting Petrol From Dangote Refinery

Published

2 days ago

September 6, 2024

Admin

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has revealed that it will start lifting petrol from the Dangote Refinery from September 15th.

This is coming a few hours after the Refinery debunked reports claiming that the NNPCL had started the lifting of its petrol and selling for N897 per litre.

Speaking on TVC News’ “Journalists’ Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the corporation is awaiting the September 15 deadline provided by the Refinery to start lifting petrol.

Segun also said that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.

He revealed that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”

He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.

According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”

He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”