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

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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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French Tesla customers sue over brand becoming ‘extreme right’

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Tesla sales in the EU have nearly halved, with many customers looking for electric cars put off by Elon Musk's political positions. Photo: JULIEN DE ROSA / AFP/File Source: AFP

Around 10 French clients with leases on Teslas are suing the US carmaker, run by Elon Musk, because they consider the vehicles to be “extreme-right” symbols, the law firm representing them said on Wednesday.

They feel they suffered “direct and concrete” damage from the way Teslas are now associated with “Elon Musk’s actions”, the GKA law firm said.

They are demanding the Paris commercial court order their lease contracts be terminated and legal costs reimbursed, it said in a statement, signed by lawyers Patrick Klugman and Ivan Terel.

The lawsuit comes as Tesla sales in the European Union have almost halved since the beginning of the year, a slump attributed to Musk’s political activities.

Those activities include him — until last week — standing firmly with US President Donald Trump, and overseeing efforts to cut down US departments and agencies.

He has also lent public support to Germany’s far-right Alternative for Germany (AfD) party, and came under criticism for making a repeated gesture with an out-thrust arm interpreted by many historians to be a Nazi salute.

“Because of Elon Musk’s actions… Tesla branded vehicles have become strong political symbols and now appear to be veritable extreme-right ‘totems’, to the dismay of those who acquired them with the sole aim of possessing an innovative and ecological vehicle,” GKA said in a statement.

The perception of the Teslas they leased “prevents them from fully enjoying their car”, it said.

Most of the leases run for four years, with an option at the end to buy the vehicle.

Tesla cars in Europe and elsewhere have been targeted by vandals, with some drivers reporting they have been insulted for using what is sometimes called on social media a “swasti-car”.

Several owners have taken to putting stickers on their Teslas reading “I bought this before Elon went crazy”.

“The situation is both unexpected and impossible for French Tesla owners,” Klugman told AFP.

“Musk’s political positions have interrupted enjoyment” of the vehicles, and “we believe that Mr Musk owes these buyers the peaceful possession of the thing sold”, he said.

Contacted by AFP for comment, Tesla did not immediately respond.

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Elon Musk unveils XChat to rival WhatsApp, Telegram, others globally

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Billionaire Elon Musk is pushing forward his ambition to transform X (formerly Twitter) into an “everything app” with the launch of XChat, a new messaging feature designed to rival the likes of WhatsApp, Telegram, and Signal.

Unveiled over the weekend, XChat introduces end-to-end encryption, vanishing messages, file sharing, and audio/video calling.

Musk described the tool as “all new” in a post on Sunday, emphasizing its focus on secure, private communication.

“All new XChat is rolling out with encryption, vanishing messages, and the ability to send any kind of file.  

“This is built on Rust with (Bitcoin style) encryption, a whole new architecture. You can do audio/video calls without a phone number across all platforms,” Elon Musk posted.

Early reports suggest the feature is already in beta testing among paid X subscribers. Leaked screenshots by app researcher Nima Owji show support for group chats, a vanish mode, and a four-digit passcode to lock messages, a significant upgrade to X’s previous direct messaging capabilities.

The bigger picture 

XChat is part of Musk’s long-term goal of morphing X into a Western super app, similar to China’s WeChat.

This vision encompasses everything from messaging and payments to entertainment, commerce, and even dating.

Musk previously told employees he wants X to function as a digital bank and dating app by 2024, part of a sweeping transformation that could change how users engage with the platform.

He’s not alone in this race. OpenAI CEO Sam Altman is also building a “super app” through his side project, World, which recently launched an app store and biometric ID system called Orbs.

What you should know 

With 600 million monthly active users as of October 2024, Musk’s X holds a considerable lead but retaining that user base is critical.

The rollout of XChat could help the platform move beyond just being a public town square and into users’ everyday digital routines.

Last year, X unveiled plans to roll out a peer-to-peer payment system on the platform, saying it would unlock more user utility and new opportunities for commerce.

  • The company said this would also showcase the power of the platform users living their “life in one place.
  • Reports have indicated that as of December 2023, X was licensed for payment processing in a dozen U.S. states, and by this January, that number stands at 14, with the recent additions of Arkansas and Pennsylvania.
  • Musk had earlier said that he envisions a platform where users will be able to send money to others and extract those funds to authenticated bank accounts.

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Bill Gates predicts Lagos will become world’s largest city

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Bill Gates

Microsoft Co-Founder, Bill Gates has expressed optimism about Africa’s future, predicting that Lagos, Nigeria’s economic hub, will become the world’s largest city.

Gates described the city’s projected growth as a reflection of Africa’s rising global relevance in the 21st century.

Speaking at the Gates Foundation’s Goalkeepers event held in Lagos, Gates stated the continent’s demographic advantage, calling Africa the “most fascinating” region of the century due to its youthful population.

“Africa is a very young continent,” Gates said. “More than half of all children born this century will be African. That youthfulness will shape global trends in profound ways.”

Highlighting Lagos as a prime example of Africa’s urban expansion, Gates noted: “The city we’re in today will, by far, be the largest in the world. That’s going to make for a dynamic and vibrant environment, and the world will be watching.”

Gates cautioned that Africa’s potential will be determined by the investments made in the near term, particularly in health and education.

“Whether this young population drives transformative progress will depend on the choices we make in the next 20 years,” he said. “If we invest wisely, Africa’s future is nothing short of extraordinary.”

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