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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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Rivers State is yet to fully stabilise– Ibas

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The Sole Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas has revealed that there is relative stability in the State, but that the State is still fragile.

The Sole Administrator revealed this in Abuja on Friday when appeared before the House of Representatives Ad hoc Committee on Rivers State.

The Committee had invited the Sole Administrator for a proper briefing on developments in Rivers State, following the suspension of the State Governor, Siminalayi Fubara by President Bola Tinubu.

Speaking when he appeared before the ad-hoc committee, Ibas requested for more time to properly brief the committee on developments in the State.

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Ibas, apologisesd for his inability to attend earlier engagements, explained that the absence was not out of disregard, but rather due to the weighty and urgent demands of stabilising governance in Rivers.

“I have always held the National Assembly in the highest regard. I recognise the importance of your oversight responsibilities and your interest in the progress being made in Rivers, which is presently relatively calm, but still fragile,” Ibas said.

He went further to say: “That said, I only request your understanding and the indulgence of this committee to grant me additional time to adequately prepare and present a comprehensive and constructive briefing.

“Given the complexities and sensitivities surrounding the current transitional period in Rivers. It is important that any engagement with this committee is done with the depth, accuracy and clarity it rightfully deserves.

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“I remain fully committed to cooperating with the committee and to ensuring that all relevant information is made available in due course to support your important work.

“I only request the understanding and the indulgence of this committee to grant me additional time to adequately prepare and present a comprehensive and constructive briefing given the complexities and sensitivities surrounding the current transitional period in Rivers.

“It is important that any engagement with this committee is done with the depth, accuracy and clarity it rightfully deserves.

“I remain fully committed to cooperating with the committee and to ensuring that all relevant information is made available in due course to support your important work,” he said.

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Meanwhile, addressing newsmen after a close door meeting, the Chairman of the Committee, Rep. Julius Ihonvbere (APC-Edo) said that the committee resolved to give a new date to the sole administrator.

Ihonvbere, underscored the constitutional role of the National Assembly in legitimising and overseeing the state of emergency declared in Rivers.

According to the chairman, the federal legislature remains central to the state’s transitional process.

Ihonvbere reaffirmed the committee’s constitutional mandate and expressed satisfaction that the administrator had finally honored the invitation after earlier delays.

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He emphasised that the committee’s mandate was rooted in constitutional authority and that some of its terms had already been communicated to the administrator in an earlier letter.

The chairman encouraged the administrator to feel at ease, stressing that the committee members had been carefully selected to ensure broad representation across geopolitical zones and legislative experience.

“I want you to feel relaxed because the members you see here were carefully selected based on zonal representation and membership of the House to advance the progress that Rivers needs to make in order to be part and parcel of the holistic structure of democracy that Nigeria represents today.

“We have demonstrated again and again our preparedness to do this job efficiently and effectively,” he assured.

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Why we shut down MTN operation in Kogi owing to non compliance – Govt

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The Kogi State Utility Infrastructure Management and Compliance Agency, (KUIMCA) has explained the reasons behind the disruption in the service mobile Telecom giant, MTN in the state, pointing out that MTN owing to non compliance.

The Telecom service has been experiencing a service distruption in the last two weeks and witnessed total shut down in the last one week.

The Director General of KUIMCA Director General, Dr Taofeeq Isah while speaking with journalists on Friday in Lokoja attributed the shut down to the failure of the Telecom company to comply fully with rules of operation as stipulated in the official gazette guiding their operation in the state.

“In my assumption of office last August, I went through their files and discovered that they have not fully complied with the rules guiding their operations in the state. I called them for a discussion where they complained of being overbilled concerning the area of the state covered by their optic fibre.

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” I went with them for verification exercise to assess their claim which took about 4 days and we found out they were even covering more areas than they claimed.

“We asked they to go and make the necessary payment but MTN refused. That is why we sealed off their facilities after obtaining court order to do so so”.

The Director General called on the citizens of the state to be patient with them since their interest was being protected .

He said that since MTN is not the only network operating in the state, citizens as well as the security agencies to consider switching to other networks considering their importance in securing the lives and property of Citizens which should not be compromised under any circumstance.

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Also speaking, the Executive Chairman, Kogi State Internal Revenue Service , Salihu Enehe said that MTN has arrogated to itself so much power that they have been refusing to respond to so many entrities asking for complainces on various termes of operations in the state.

The Chairman who was represented by a Director in the agency Hassana Salawu noted that
MTN has been indulging in violation of various rules not only the optic fibre right of way across the state but also and have violated every rules guiding their operations in the state.

“MTN claimed to have 48 optic fibres when audit revealed they have 199 fibres laid under the ground in the state. We have called for reconciliation meetings severally but they claimed not to be ready up till now”.

But in a swift reaction, the MTN spokesperson in the State, though will not want his name in print, confirmed that negotiations is on going, assured that the issues will soon be resolved.

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Osun PDP Reps Dismiss Defection Claims, Pledge Support for Adeleke

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By Gloria Ikibah

Eight out of the nine Peoples Democratic Party (PDP) members representing Osun State in the House of Representatives have firmly restated their loyalty to the party and Governor Nurudeen Ademola Adeleke, distancing themselves from recent defection claims.

Their stance follows public comments by Rep. Busayo Oluwole Oke, who recently exited the PDP and hinted that other members of the Osun caucus were poised to follow his lead.

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In a joint statement released in Abuja on Friday, the lawmakers which include Reps Bamidele Salam, Ajilesoro Abimbola Taofeek, Mudashiru Lukman Alani, Akanni Clement Ademola, Omirin Emmanuel Olusanya, Adewale Moruf Adebayo, Adetunji Abidemi Olusoji, and Oladebo Lanre Omoleye—made it clear they remain committed to the PDP and its leadership in the state.

They described Oke’s exit as unsurprising, pointing to what they called his long-standing pattern of defiance, public criticism of the party, and antagonism towards the Adeleke-led government.

The lawmakers labelled his defection as an act of ingratitude, given the political opportunities the PDP had afforded him over the years, and cautioned him against spreading misleading narratives aimed at courting favour within his new political camp.

“The defection of our colleague, Hon. Wole Oke, is a personal decision that holds no bearing on the stability or cohesion of the PDP in Osun.  
 
“The remaining eight members of the caucus remain fully committed to the ideals and leadership of the party,” the statement read.
 
The caucus further praised Governor Adeleke for his “forthright, competent, and equitable” leadership since assuming office, stating that his administration has ensured the fair distribution of democratic dividends across all parts of Osun State.
 
“The achievements of Governor Adeleke are visible across all sectors — education, healthcare, infrastructure, and social welfare. 
 
“His governance style continues to inspire confidence within the party and among the people of Osun,” the lawmakers added.
 
They lawmakers acknowledged the Governor’s role as the undisputed leader of the party in the state, and credited his inclusive approach for the ongoing unity and strength of the PDP in Osun. 
 
They further pledged their continued support for his administration at both state and federal levels.
 
The PDP lawmakers assured constituents that their collective mandate remains intact and that they remain undeterred in their commitment to delivering on their legislative responsibilities and party obligations.
 
The caucus also called on party faithful across the state to remain steadfast and focused, urging them not to be swayed by political distractions. 
 
They affirmed that the PDP remains the most viable platform for sustainable development in Osun.
 
As the political landscape continues to evolve in anticipation of future elections, the Osun PDP Caucus reiterated its readiness to defend the party’s legacy and ensure that the people of Osun continue to benefit from democratic governance under PDP leadership.
 
 
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