Economy

Tinubu wants Fresh Court order to extend detention of Binance Officials

Published

12 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

Nigeria spends $817.4m on debt servicing in 2 months

Published

17 hours ago

March 14, 2025

Admin

Nigeria spent $817.4m, approximately N1.26 trillion, to service its debt in the first two months of 2025. This represents a 3.12 percent decline when compared to $843.73 million spent in the corresponding period of 2024.

Data from the Central Bank of Nigeria, CBN, International Payments Report shows that in January 2025, the government spent $540.7 million and in February 2025 it spent $276.7 million on debt servicing.

Further breakdown shows that the country had spent $3.81 billion (about N5.9 trillion) for debt service/Payments in 2024.

Recall that the Federal Government unveiled its largest national budget in 65 years, with a record-breaking N54.99 trillion proposed spending, representing a 56.89 percent increase from the N35.05 trillion budgeted in 2024 (including a supplementary N6.2 trillion).

President Bola Tinubu described it as the “Budget of Restoration,” aimed at stabilising the economy and driving growth.

In the budget debt servicing is allocated N16.3 trillion, a 95 percent increase from N8.25 trillion budgeted in 2024.

Meanwhile, data showed that Nigeria’s foreign trade in Letters of Credit, LC, payments fell by 0.55 percent Year-on-Year (YoY) to $160 million in the first two months of this year from $160.9 million in the corresponding period of last year.

LC payments is one of the critical measure of a country’s credit worthiness but a decline or increase could also reflect developments in volume of import trades.

LC payments for 2024 stood at $801.06 million, representing a 39 percent YoY decline from $1.32billion in 2023.

Economy

Naira rebounces in parallel market

Published

2 days ago

March 13, 2025

Admin

The Naira appreciated Tuesday to ₦1,565 per dollar in the parallel market from ₦1,570 per dollar on Monday. However, it depreciated to ₦1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to ₦1,537 per dollar from ₦1,528 per dollar on Monday, indicating ₦9 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to ₦37 per dollar from ₦42 on Monday.

Economy

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate

Published

2 days ago

March 12, 2025

Naijablitznews

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, according to sources at Bureau De Change (BDC).

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 ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.