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Naira Collapse: Tinubu’s Aide Tells Central Bank, EFCC to Ban Crypto Exchange Platforms In Nigeria

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Mr Bayo Onanuga
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Onanuga, gave the advice in a statement he shared on his X (formerly Twitter) handle on Wednesday. He also suggested that Crypto channels should be banned in the country, otherwise, “this bleeding of our currency will continue unabated”.

 

The Special Adviser on Information & Strategy to President Bola Tinubu, Mr Bayo Onanuga has called on the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to move against platforms trying to manipulate the naira through crypto exchange platforms.

Onanuga, gave the advice in a statement he shared on his X (formerly Twitter) handle on Wednesday. He also suggested that Crypto channels should be banned in the country, otherwise, “this bleeding of our currency will continue unabated”.

 

Titled: “The Naira-Dollar manipulators,” the presidential aide explained how he chanced upon an X post Tuesday night made by one Brother Bernard, who according to him, rallied against what he called the order of the EFCC, NSA (National Security Adviser) on Finance to set a cap on traders selling USD tokens for naira equivalent.

According to the presidential aide, the said Bernard disclosed that token sellers had migrated to Telegram and were selling naira at N1850 and above.

 

Onanuga said, “He did not stop there, he lashed out at the Nigerian authorities over the efforts to arrest the slide of the Naira. He wrote: ‘If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully. Binance was only a medium. If you block Binance, people will find new ways. This whole policy is absolutely ridiculous. Naira is going to zero’.

 

“Naira going to Zero? Is the owner of this account a Nigerian patriot? I checked Bernard’s profile. He says he is “BUIDLing something for migrants” and he is the “Chief Commander of Japa”. Bernard also posted a web link www. http://exposingagbado.com.

 

“My curiosity has paid off. Bernard is one of those implacable supporters of President Bola Ahmed Tinubu’s opponents in the last election, still having an axe to grind; otherwise, why will any patriotic Nigerian wish that “Naira is going to Zero”.

 

“On Tuesday, Bernard shared Naira-Dollar rates on some unidentified platforms, possibly Telegram, where Naira is being traded at N1900-N1950 to a US dollar.

 

“He also enjoined forex traders or token holders to move their funds to ‘kucoin or bybit or your own cold wallet.’”

 

Onanuga regretted that Bernard reported on Wednesday that Binance had removed Tuesday’s cap and had now put another cap on the naira-dollar exchange. It is now N1892, he said, with a trading range of N1392 and N1892.

 

The presidential aide said, “He was not happy about the new cap and attacked Binance: ‘Binance continues their games with Nigerians. Caps at 1892 when clearly the exchange rate is almost 2000/$ on other platforms. Trade elsewhere (NFA)’.

 

“He retweeted a post by ‘Olumide capital’, who said Binance ‘distances itself from the forex debacle in Nigeria. Olumide reported that Binance said its platform is “market-driven and not intended to be a proxy for currency pricing in Nigeria.’”

 

Calling on the authorities to go after currency manipulators, the presidential aide explained that Binance, “which is blatantly setting exchange rate for Nigeria, hijacking CBN role, is a cryptocurrency trading platform, which has suffered access limitations from multiple jurisdictions, in the US, Singapore, Canada and the UK”.

 

Citing Data Wallet, Onanuga said that Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities.

 

He continued, “In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval.

 

“Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services.”

 

He added Binance, “which is currently facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform.

 

“Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace.”

 

“FX platform Aboki should be re-banned,” he suggested. He advised that the “EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero”.

 

“Crypto should be banned in our country or else this bleeding of our currency will continue unabated,” he added.

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NIN: NIMC says Front End Partners, agents across Nigeria to undergo security checks

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The National Identity Management Commission (NIMC) has said its licensed Front End Partners (FEPs) and verification agents across the country will now go through a mandatory security vetting.

The Commission disclosed this in a statement issued on Saturday by its Director of Corporate Communications, Kayode Adegoke. According to the statement, the vetting is part of measures to ensure the security of the National Identification Number (NIN) database.

This comes amidst concerns over the security of Nigerians data and recent alleged data breach by a third party.

Secure identity Reaffirming its commitment to providing secure identity services and protecting the citizens’ data per its mandate as Nigeria’s foundational identity provider, the Commission said it has also implemented enhanced measures to safeguard the information stored in its National Identity Database.

“These actions align with the commitment outlined by the Director-General/CEO, Engr Abisoye Coker-Odusote, upon assuming office in August 2023. Engr CokerOdusote emphasized that the NIMC collaborates with relevant security agencies to uphold the utmost data security standards and regulatory compliance.

“As part of these new security protocols, all Licensed Verification Agents, Front End Partners (FEPs), and Diaspora FEPs will undergo rigorous security vetting to ensure adherence to global best practices in identity management. Any FEPs in violation will face sanctions by established regulations and the nation’s laws,” it said.

The Commission said it has also temporarily suspended the bypass enrollment process to prevent abuse and rectify any irregularities.

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Nigeria is the largest importer of generators in Africa due to insufficient power supply.

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Nigeria generates 5,000MW of electricity with a population of 220 million people.

Egypt generates 59,063MW for 114 million people.

South Africa generates 58,095MW for 61 million people.

Me:

Who is the giant of Africa ?
5,000 MW for 220,000,000 people ????????
59,063 MV for 114,000,000 people ????????
58,095MV for 61,000,000 people ????????
A country ???????? that prays more than every other nation in Africa. A country ???????? with crooks as leaders.

And Meanwhile In Nigeria The Senate And House Of Representative Of That Country Are Debating The Citizenship Of Cattle As Members Of The Population ????

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FG seeks Korea’s investment in electric vehicle projects in Nigeria, assures of incentives

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The federal government of Nigeria wants its South Korean counterpart to invest in electric vehicle projects in Nigeria.

This was disclosed by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar via his X page on Wednesday.

The request was made during his meeting with a Korean official at the sidelines of the Korea-Africa 2-day Summit.

The summit already saw the South Korean government pledging about $24 billion for the development and trade benefits of African countries including Nigeria.

Nigeria’s Request
Tuggar disclosed that Nigeria was conducive enough to accommodate Korea’s electric vehicle projects.

The call is apparently part of the Nigerian government’s move to diversify its economic from overdependence on crude oil products.

He stated,

“During a productive bilateral meeting at the Korea-Africa Business Summit, I engaged with my Korean counterpart to explore enhanced cooperation.

emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

“We focused on strategic areas such as Liquefied Natural Gas (LNG), automotive processes, and potential investments in electric vehicle projects.

“I emphasized Nigeria’s commitment to facilitating Korean investments with incentives and ensuring the security of Korean citizens and assets.”

Also, Tuggar acknowledged the significant contributions of the Korea International Cooperation Agency (KOICA) in Nigeria, particularly in education and entrepreneurship.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He reiterated Nigeria’s aspiration for a seat on the United Nations Security Council, highlighting the country’s role in Africa and our commitment to promoting denuclearization and peace in crisis-stricken regions.

“In defense, I called for heightened cooperation, seeking support in access to kinetic and non-kinetic weaponry to address the conflicts in the North-East of Nigeria and surrounding communities,” he added.

From the Korean side,

it prides itself on its Korean businesses whose presence in Nigeria is playing a huge role in resource development and construction.

“In construction, the total value of orders received by Korean companies reached US$ 15 billion in 2020, which means that Nigeria is by far the biggest construction market to Korea among Sub-Sahara African countries,” the statement on the Korean government website partly reads.

According to data from the Korean government, InvestKorea, South Korea’s automobile industry produced more than 400,000 electric vehicles, and exports reached 267,000 units in 2022, making Korea, the world’s fifth-largest automobile producer, with its home-based Hyundai Motor Group emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

Hence, FG’s plan to offer incentives to Korea is its way of attracting investment from a big player in EV production.

The Director General of the National Automotive Design and Development Council (NADDC), Mr Joseph Osanipin, had said the government recognised the level of investment EVs could bring to the country, adding that the current administration was committed to collaborating with relevant stakeholders to support such innovations.

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