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BREAKING: Binance Quits Nigeria, To Discontinue All Naira Transactions From March 8

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Binance Nigeria has announced plans to cease all services in naira, the country’s local currency, from March 8, 2024.

The cryptocurrency platform announced the decision on its website on Tuesday.

According to Binance, naira withdrawals will be officially suspended after March 8.

The development comes amid the federal government’s clampdown on the crypto exchange over “regulatory breaches”.

“From March 8, any remaining NGN balances in users’ Binance accounts will be automatically converted to the Tether stablecoin,” the statement reads.

The exchange encouraged users to withdraw their naira funds, trade their naira assets or convert them to crypto before the discontinuation of these NGN services.

“Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days,” Binance added.

Binance also said it would immediately suspend naira deposits, as such, transactions will not be supported after 2:00 pm UTC on Tuesday, March 5 2024.

According to the company, all trading pairs involving naira are set to be removed from its platform on March 7, 2024.

The organisation said its payment service — Binance Pay — will also remove naira from the list of supported payment options on March 6, 2024, adding that its peer-to-peer platform delisted all NGN trading pairs in late February.

Binance is currently facing significant scrutiny by the Nigerian authorities over allegations of infractions in the country’s foreign exchange (FX) regulations.

Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, on February 21, 2024, said Binance and other cryptocurrency platforms should be banned from operating in the country

He said Binance is “blatantly setting exchange rate for Nigeria,” and hijacking the role of the Central Bank of Nigeria (CBN).

The special adviser also called on the Economic and Financial Crimes Commission (EFCC) and the CBN to move against the platforms, adding that the firms are trying to “manipulate our national currency to ground zero”.

Also on February 27, 2024, Olayemi Cardoso, governor of the CBN, said $26 billion passed through Binance Nigeria from unidentified sources in one year.

Cardoso said the apex bank is collaborating with the SEC to ensure there is no manipulation in the FX market.

He said the CBN was also collaborating with different agencies including the EFCC, the police, and the office of the NSA to sanitize the FX market.

On March 1, 2024, the federal government reportedly demanded at least $10 billion as retribution from Binance for profiting from “its illegal transactions” in Nigeria — days after two top executives of the crypto platform were detained.

BIG STORY

Lawyer Begs Court For More Time To Produce Yahaya Bello, Says “We Don’t Know Where He Is”

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Abdulwahab Mohammed, lead counsel to Yahaya Bello, former Kogi governor, has asked a federal high court in Abuja to give him four weeks to search for his client.

Mohammed went on to say that it is still unclear where the former governor is.

Speaking before the court shortly after a decision that mandated Bello’s arrest, Mohammed expressed his serious fears about Bello’s safety.

“My lord, this has to do with his right to life. If someone has a genuine concern about his life, it ought to be considered,” the counsel submitted.

“At this stage, we don’t know where the defendant is. Therefore, subject to the convenience of this court, we will be asking for a reasonable time.

“My client does not have any problem answering to this charge. We ask for a reasonable time to enable us to access him.

“My lord, we will ask for four weeks.”

Mohammed also prayed the court to stay further proceedings in the criminal charge.

However, Emeka Nwite, presiding judge, refused to stay the proceedings.

“I am shocked to my bone marrow that despite the ruling, the senior lawyer made this application,” Nwite said.

“Notwithstanding this flagrant abuse of court process, in view of section 306 of the Administration of Criminal Justice Act (ACJA) 2015, this court shall not stay proceedings in this charge.”

Addressing the senior lawyer, the judge said: “You, as a counsel ought to advise him correctly. Is he the only former governor that has been invited or charged by the EFCC?”

“How many people have been killed by the EFCC? This is a matter that has attracted the attention of the whole world,” the judge stated.

“If he reports himself and anything untoward happens to him, the EFCC will be held accountable.

“The law is very clear that an accused is presumed innocent. This is merely a charge, an allegation that has not been proved.

“It is for you to advise him properly. Bring him here and prepare yourself. This is only an allegation that has not been proved.”

In his submission, Rotimi Oyedepo, counsel to the EFCC, said his client, as a law abiding organisation, would not take any illegal action against the defendant.

He noted that the agency earlier undertook not to execute the arrest warrant should the defendant voluntarily submit himself for trial.

Turning to the defence lawyer, Oyedepo said: “The EFCC will not kill your client. We have never killed anyone before.”

“But my lord, Adoke collapsed in their custody,” Bello’s lawyer retorted light-heartedly.

Nwite subsequently adjourned the matter till June 13 for arraignment.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

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JUST IN: Court Insists On Yahaya Bello’s Appearance Over Alleged N80.2b Fraud

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A Federal High Court in Abuja has insisted that its order made on April 17, for the arrest and production of ex-governor of Kogi state, Yahaya Bello still subsists.

Justice Emeka Nwite, in a ruling on Friday, May 10, held that Bello’s continued refusal to attend court and his frustration with the efforts of the Economic and Financial Crimes Commission (EFCC) to execute the arrest warrant were disrespectful of the court.

Justice Nwite held that the court would not entertain the applications filed by Bello unless he appeared in court and pleaded to a 19-count money laundering charge brought against him by the EFCC.

The judge also rejected the request by Bello’s lawyer, Abdulwahab Muhammed (SAN) that further proceedings in the case be stayed pending the determination of the appeal by the EFCC in relation to a contempt case before a High Court of Kogi state, sitting in Lokoja.

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Prince Harry, Wife Meghan Arrive In Nigeria To Promote The Invictus Games [PHOTOS]

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To support the Invictus Games, an initiative he launched to facilitate the rehabilitation of sick and injured service men and veterans, including Nigerian soldiers engaged in a 14-year fight against Islamic extremists, Prince Harry and his wife, Meghan, arrived in Nigeria on Friday morning.

The couple, who were invited by the Nigerian Armed Forces to visit West Africa for the first time, reportedly landed in Abuja early on Friday morning, according to Brigadier General Tukur Gusau, spokesman for the Ministry of Defence. In an effort to improve wellbeing and morale, they will meet with injured soldiers and their families while they are there.

This participation has been praised by Nigerian officials as a major chance for the soldiers’ recovery.

Prince Harry, who served in Afghanistan as an Apache helicopter copilot gunner, founded the Invictus Games in 2014 to provide wounded veterans and Service members with the challenge of competing in sports events similar to the Paralympics. Nigeria participated in last year’s edition of the games.

During their stay, the couple will attend basketball and volleyball matches and meet with local non-governmental organizations in Abuja and Lagos that receive their support.

Meghan will also co-host an event on women in leadership with Director General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, according to the couple’s spokesman Charlie Gipson.

The news of Meghan’s visit has generated excitement among Nigerians who closely follow her life and association with the British royal family.

The Nigerian military has emphasised the significance of the Invictus Games in aiding the recovery of thousands of personnel who have been fighting Boko Haram Islamic extremists and their factions since 2009.

According to the military’s sports director, Abidemi Marquis, “Eighty percent of our soldiers that have been involved in this recovery programme are getting better (and) their outlook on life is positive.

“The recovery programme has given them an opportunity to improve their personal self-esteem, to improve their mental health and emotional intelligence.”

 

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