News
Dollar rise: EFCC continues crackdown on cryptocurrency platforms, others
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/02/EFCC.jpg&description=Dollar rise: EFCC continues crackdown on cryptocurrency platforms, others', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/02/EFCC.jpg&description=Dollar rise: EFCC continues crackdown on cryptocurrency platforms, others', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira, Sunday PUNCH has learnt.
Impeccable sources within the commission said the EFCC was not only going after Binance but every cryptocurrency platform and others involved in the manipulation of the Nigerian foreign exchange market.
A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”
Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”
Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.
“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.
Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.
A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.
“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”
Reacting, a BDC operator identified as Yasir Arafat Jubril@oil_shaeikh said, “The problem with speculative manipulation is even if CBN keeps bidding dollars to BDC at a low rate, the prevailing speculated rate will lord over the market and you’ll be forced to sell at that price to keep afloat. CBN must crack down on all speculative platforms.
“They don’t know anything; if we talk, they’ll say we are aboki BDC behind Nigeria’s problem. Over 40 years that BDC has been operating, we never manipulated the naira by adding 50 to N100 a day till P2P ojukokoro boys came with their lack of fear of God.”
Speaking with Sunday PUNCH, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, said while it was true that the dollar gained during the week, the BDCs were not behind the currency gaining as it resulted from certain moves of the commercial banks.
He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.
“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”
Speaking further, he said, “Last week, the CBN gave the dollar at N1,101, but the parallel market sold at N950. That was what even made some BDCs not bid for a collection of dollars at CBN, because when you collect that dollar from CBN, automatically you run at a loss because we sell at N950. Unfortunately for the dollar, banks are now doing their interbank.
“That was what made people rush into the parallel market and buy it (the currency) at the lower rate and then deposit it in the commercial banks, automatically making N20, N40, N60 gains, because when you deposit your dollar into your domiciliary account and ask for its conversion into naira, automatically, you are making that difference. That is exactly what happened.”
In his reaction, an economist identified as Opeoluwa on X said, “On this issue, I reached out to a source in the relevant security agency on this matter. I was reliably informed that it has been flagged as ‘imminent danger’ and it’s being looked into.
“I am told that they (the security agency) may have to extend their hands to them, just like they did to Binance.”
When our correspondent contacted the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, he did not pick up calls.
Culled from PUNCH
News
FG announces New Framework to Reintegrate Repentant Terrorists, Bandits
The Federal Government has introduced a new operational framework aimed at strengthening the disarmament, demobilisation and reintegration (DDR) of former terrorists, bandits and other individuals who have renounced armed violence across Nigeria.
The initiative, unveiled through the National Counter Terrorism Centre (NCTC) under the Office of the National Security Adviser (ONSA), is designed to improve coordination among government agencies and ensure a more structured approach to rehabilitating ex-combatants while promoting lasting peace in conflict-affected communities.
The National Coordinator of the NCTC, Major General Adamu Laka, disclosed this on Monday during the National Validation Workshop on the Standard Operating Procedures (SOPs) for Disarmament, Demobilisation and Reintegration held in Abuja.
According to Laka, the newly developed procedures will guide the implementation of the DDR programme at the federal level and in the pilot states of Kaduna, Katsina and Zamfara.
He explained that the initiative forms part of the Federal Government’s broader strategy to tackle insecurity through a combination of military operations and non-military interventions aimed at addressing the root causes of violent extremism.
Laka said the Standard Operating Procedures were developed to ensure that the government’s reintegration programme is implemented in a coordinated, transparent and effective manner.
He noted that the guidelines provide practical direction for ministries, security agencies, civil institutions and other organisations involved in identifying, processing, rehabilitating and reintegrating individuals who have abandoned violence.
According to him, the framework clearly outlines the responsibilities of participating institutions, promotes accountability and strengthens collaboration among stakeholders, while eliminating overlaps in responsibilities.
The NCTC coordinator observed that although Nigeria already has a National DDR Framework, there was a need for detailed operational guidelines to translate policy objectives into practical actions.
“Recognising that a policy framework alone is insufficient to guide implementation, the NCTC and its partners subsequently developed a comprehensive set of Standard Operating Procedures to translate the strategic objectives of the National DDR Framework into practical guidance for implementing institutions,” Laka said.
He explained that the SOPs establish uniform standards for implementing the programme nationwide while clearly defining the roles and responsibilities of each participating agency.
Laka disclosed that the framework was developed after extensive consultations with security agencies, government institutions, peacebuilding organisations and other relevant stakeholders.
According to him, the procedures draw from Nigeria’s previous experiences, international best practices and the country’s unique security realities.
“These Standard Operating Procedures have been developed through extensive consultations and draw upon national experiences, international best practices, and the unique realities of the Nigerian context,” he added.
He noted that the consultations considered the experiences of communities affected by terrorism and banditry as well as lessons learned from similar rehabilitation programmes in other countries.
The Federal Government selected Kaduna, Katsina and Zamfara as pilot states for the implementation of the new framework due to the prolonged security challenges confronting the North-West region.
The three states have witnessed repeated attacks by terrorists, bandits and kidnappers, resulting in numerous deaths, displacement of residents and disruption of economic and social activities.
Officials said the pilot phase would enable the government to evaluate the effectiveness of the guidelines, identify implementation gaps and make necessary adjustments before extending the programme to other parts of the country.
Laka stressed that the initiative reflects the government’s belief that military operations alone cannot permanently resolve Nigeria’s security challenges.
He said effective disarmament, rehabilitation and reintegration programmes would help reduce the likelihood of former fighters returning to violent groups while also supporting reconciliation and the recovery of communities devastated by years of conflict.
The NCTC coordinator, however, emphasised that the success of the programme would depend on effective collaboration among government institutions, security agencies, traditional rulers, community leaders, civil society organisations and other stakeholders.
He reaffirmed the Federal Government’s commitment to implementing comprehensive strategies aimed at restoring peace, enhancing public safety and rebuilding communities affected by terrorism, banditry and other forms of armed violence.
News
Court verdict will not affect our candidates primaries elections-ADC
…to challenge judgement
The African Democratic Congress (ADC) has promised its members and supporters that the Court of Appeal verdict on the party’s congresses will not invalidate its primary elections or the candidates who emerged from them.
This was contained in a statement issued on Monday by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said the judgment only relates to the election of its ward, local government and state executive committees and has no impact on the direct primaries conducted by the party.
“The African Democratic Congress (ADC) notes the judgment delivered by the Court of Appeal in Abuja on Monday in a matter relating to party congresses for the election of ward, local government and state executive committees of the party,” the statement read.
The party stressed that the ruling does not invalidate the emergence of its candidates at any level.
“We wish to assure members of the party and the general public that this judgment has no effect whatsoever on the direct primaries through which the party’s candidates have emerged at all levels,” it said.
The ADC also disclosed that it had begun the process of challenging the judgment at a higher court, insisting that it disagrees with the decision.
“The party has already commenced the process of appealing the judgment, which we respectfully disagree with and consider to be legally unsustainable,” the statement added.
The party further said it took note of the dissenting judgment delivered by the presiding justice, describing it as more consistent with its position and the law.
We also note the dissenting judgment of the presiding Justice, which, in our view, more accurately reflects the settled position of the law and the party’s position,” it stated.
The ADC appealed to its members and supporters across the country to remain calm and focused despite the court ruling.
“We urge all party members and the millions of our supporters to remain calm, confident and focused,” the statement said.
The party said it would continue to pursue its goal of offering Nigerians a credible alternative through constitutional and lawful means.
“The African Democratic Congress remains committed to the task of providing Nigerians with a credible alternative and will continue to pursue that mission in accordance with the Constitution and the rule of law,” .
News
Orire: Nigerian Army gives reasons why drones could not locate kidnappers
The Nigerian Army has given reasons why drones deployed during the rescue operation for abducted pupils, teachers and other victims in Oriire Local Government Area of Oyo State were unable to effectively track the kidnappers.
Speaking during the formal handover of the rescued victims to the Oyo State Government, the General Officer Commanding (GOC) 2 Division, Nigerian Army, said the operation was particularly difficult due to the challenging terrain within the forest where the victims were held.
The GOC disclosed that after the initial operation, troops continued to pursue the abductors using intelligence and advanced surveillance technology. However, the kidnappers had moved deeper into the dense forest, making it increasingly difficult to locate them.
According to him, the military deployed drones and other technological assets to support the search, but the thick forest canopy significantly reduced the effectiveness of aerial surveillance.
He explained that the dense vegetation concealed the kidnappers beneath the trees, preventing drones from detecting their exact location.
Despite the setback, the GOC said troops maintained sustained pressure on the abductors through coordinated intelligence-driven operations, which eventually forced a breakthrough that led to the successful rescue of the victims.
He reiterated the Nigerian Army’s commitment to working with other security agencies to combat kidnapping and restore safety across Oyo State and the country.
-
News23 hours agoAfter 56 Days in Captivity, Oriire Parents Scared of Sending Rescued Kids Back to School
-
News23 hours ago‘He was our bread winner’: Dad laments 28-Year-Old Lieutenant Killed in Oyo School Rescue Mission
-
News24 hours agoOne dies, seven injured as Gombe Assembly Complex under construction collapses
-
News23 hours agoGunmen Kidnap 60-Year-Old Headmaster In Oyo, Demand N30m Ransom
-
News17 hours agoJust in: Appeal Court halts Atiku’s presidential bid, declares Mark-led ADC congresses illegal
-
News22 hours agoECOWAS Parliament Maps Out Strategy to Tackle Irregular Migration Across West Africa
-
News24 hours agoNorwegian Air adorns British Airways logo for 24hrs after losing 2026 World Cup wager
-
News21 hours agoNigeria-US Renew Security, Trade, Investment Partnership

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login