Forextime

The Office of the National Security Adviser (ONSA) on Thursday confirmed that the crypto exchange platform, Binance, is being investigated by Nigerian authorities. In its first official confirmation of the clampdown efforts on the activities of Binance and other crypto platforms, a top official of the ONSA confirmed to PREMIUM TIMES that the security adviser’s office is coordinating an interagency investigation into the operations of Binance. “I am confirming that the office of the national security adviser, as…

The Nigerian government has detained two executives of the Binance crypto exchange platform amid efforts to stabilise the nation’s foreign exchange market and salvage the value of the local currency. Sources familiar with the matter told PREMIUM TIMES that the two executives were detained in Abuja, Nigeria’s capital, a day after they flew into the country as part of moves to negotiate with the Nigerian authorities amid a crackdown on the crypto platform. Last week, PREMIUM TIMES reported how the Nigerian…

Nigeria’s naira has on several occasions in recent weeks tumbled across both the official and unofficial markets amidst an increased forex demand and a significant spike in the prices of goods and services across the country. The local currency traded at an average of N1500 and above mark at the spot market last week, closing the week on a negative note at N1,665.50/$1 last Friday — the lowest the currency has ever recorded at the segment according to data posted by FMDQ. Similarly, amidst speculations and…

There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is set to disburse allocations from the revenues generated into the federations’ accounts among the federal, state and local governments. Sources within the apex bank Thursday told PREMIUM TIMES that there are concerns that funds from FAAC were often illegally converted to dollars by some corrupt state governors at the unofficial market, with a ripple…

The Nigerian government has blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds. Sources within the major telecommunication companies in the country told PREMIUM TIMES Wednesday evening that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it. Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken,…