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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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Eurocham Nigeria Hosts 2025 Stakeholders Conference, Explores Business Growth in Post-Reform Era

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By Gloria Ikibah

 

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Business leaders, policymakers, and members of the diplomatic community recently gathered in Lagos for the 2025 annual stakeholder conference of Eurocham Nigeria (The European Business Chamber) to discuss the impact of Nigeria’s economic reforms on trade, investment, and sustainable growth.

 

With the theme “Achieving Growth Post-Reforms,” the conference provided a platform to explore opportunities across key sectors, including trade, aviation, tourism, energy, finance, and workforce transformation.

 

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In his welcome address, Eurocham Nigeria President, Mr. Yann Gilbert, emphasized the organization’s role in championing policies that foster economic progress and strengthen EU-Nigeria business ties.

 

Delivering a keynote speech, Honorary President of Eurocham Nigeria and European Union Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, reaffirmed the EU’s dedication to Nigeria’s economic transformation. He outlined initiatives aimed at deepening trade relations and unlocking investment potential, introducing the EU-Eurocham Support Grant as a mechanism to boost private-sector growth.

 

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In a second keynote address, Minister of Aviation and Aerospace Development, Festus Keyamo (SAN) who was represented by the Special Adviser on Aviation and Aerospace Development, Ms. Janet Oputa, highlighted the aviation sector’s role in post-reform economic expansion. Speaking on “Aviation: A Catalyst for Growth,” she detailed ongoing infrastructure projects and emerging investment opportunities in Nigeria’s air transport industry.

 

A key feature of the event was a presentation by Ms. Danelee Masia, Director Economist for South Africa and Sub-Saharan Africa at Deutsche Bank, titled “Nigeria: A Path to Renewed Growth.” She provided a macroeconomic analysis of Nigeria’s recovery, focusing on fiscal reforms, foreign exchange policies, and investment trends shaping the nation’s future.

 

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Eurocham Nigeria reaffirmed its commitment to strengthening partnerships between Nigeria and the European business community. The organization pledged continued advocacy for pro-business policies, regulatory enhancements, and economic cooperation initiatives that benefit both Nigeria and the EU.

 

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TAC Reaffirms Commitment to Enhancing Nigeria’s Global Image

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By Gloria Ikibah

The Director General, Technical Aid Corps (TAC), Rt. Hon. Yusuf Buba Yakub, has reaffirmed the Corps’ dedication to strengthening Nigeria’s reputation on the international stage.

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The Director-General stated this during a courtesy visit by a delegation from the Diplomatic Correspondents Association of Nigeria (DICAN), led by its Chairman, Comrade Frederick Idehai, on Monday in Abuja

Buba highlighted the role of TAC in promoting Nigeria’s influence abroad by deploying technical expertise to 35 African, Caribbean, and Pacific countries, and noted that the Corps has contributed to the professional growth of individuals who have gone on to hold key government positions, including cabinet ministers, while also impacting millions of lives.

Additionally, he assured DICAN of TAC’s readiness to collaborate in advancing the 4Ds foreign policy of President Bola Ahmed Tinubu’s administration. This policy anchored on Democracy, Development, Demography, and Diaspora was introduced by the Ministry of Foreign Affairs under Minister Ambassador Yusuf Maitama Tuggar., which aims to position Nigeria strategically within the global community.

He further emphasised TAC’s commitment to working closely with DICAN, ensuring that the association is actively involved in the Corps’ activities through mutual collaboration and support.

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Earlier in his remarks, DICAN Chairman, Comrade Idehai, expressed the association’s interest in partnering with TAC to promote its initiatives in alignment with the 4Ds doctrine. He underscored the strategic role of diplomatic correspondents in fostering national development and stability.

Comrade Idehai also highlighted DICAN’s mandate as a professional body of journalists and editors from print, electronic, online, and wire services, who cover diplomatic affairs, including the Ministry of Foreign Affairs, embassies, and international organizations.

He explained that the association was duly registered with the Corporate Affairs Commission (CAC) making it a credible partner for engagement.

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Kenya Airways apologises to NCAA for mistreating passenger

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Kenya Airways officials have tendered an unreserved apology to the Nigeria Civil Aviation Authority (NCAA) and a Nigerian passenger: Gloria Omisore, following a complaint of mistreatment during a recent flight.

The airline also retracted previous statements regarding the incident, admitting fault for allowing Omisore to board a flight from Lagos without the necessary transit visa.

The apology came during a meeting convened by the NCAA attended by airline representatives including Country Manager James Nganga, Station Manager Eric Mukira, and Duty Manager Ezenwa Ehumadu, alongside NCAA Director of Consumer Protection and Public Affairs, Michael Achimugu.

Omisore, a British resident permit holder without a Schengen visa, had purchased a ticket for a Manchester-Paris-Nairobi-Lagos (inbound) and Lagos-Nairobi-Paris-Manchester route.

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While her inbound journey proceeded without issue, the airline failed to identify the need for a Paris transit visa for her outbound leg until she reached Nairobi.

Although Kenya Airways offered a direct flight to London at no extra cost after a 17-hour layover, the situation escalated when Omisore’s request for accommodation and care due to the airline’s error was denied, leading to what the NCAA termed an “unruly” exchange.

In a prior statement, Kenya Airways claimed Omisore refused the re-routing and acted disruptively. They have since retracted this, admitting their error and apologizing for the “obfuscation of facts.”

The NCAA had given Kenya Airways 48 hours to verify a phone call made by Omisore on December 7, 2025, where she reportedly inquired about her eligibility to fly the route.

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The authority also expressed strong disapproval of comments made by airline staff allegedly insulting the office of the Nigerian President, stating the airline could not act with impunity towards Nigerians.

The country manager apologized for the staff’s behavior, promising disciplinary action.

The NCAA has reiterated its call for all airlines operating in Nigeria to adhere to regulations and establish dedicated, trained customer relations desks or officers to handle such issues.

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