Business

BDCs blame peer-to-peer Binance, others for naira fall

Published

11 months ago

April 25, 2024

Trends Admin

BDCs blame peer-to-peer Binance, others for naira fall

The president of the Association of Bureau De Change Operators of Nigeria, BDCs, Aminu Gwadabe, says BDC operators are committed to preventing speculators from attacking the naira.

Mr. Gwadabe said this in an interview on Wednesday in Abuja.

The Association of Bureau De Change Operators of Nigeria, as a self-regulatory body, has platforms to check the excesses of BDC operators, he noted.

“We have inaugurated state chapters whereby we can have a database of participants in the forex market. This is for the Financial Action Task Force (FATF) to understand this market and to know the participants; give them a simple registration,” he said.

Mr. Gwadabe said that the foreign exchange market needed a kind of harmonisation, centralization, and KYC to identify all business participants.

“This will enable the CBN to track other players in the market other than the BDCs and their levels of involvement. The BDCs is collaborating with the regulatory authorities for physical verification of offices using technology.

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“We want to balance international obligations with our own objectives. International obligations are templates that have been built without our input. We are coming up with our own template to balance it. We have seen some illegal economic behaviour, and the CBN and the security agencies are aware, and I am sure they will nip it in the bud,’’ he added.

He said the recent wave of naira depreciation was of concern to the BDC operators.

Mr. Gwadabe explained, “I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform. P2P is a platform like Binance where speculators use the dollar to buy USDT, a stablecoin that is pegged at one to the dollar.

“As long as Binance and such other platforms continue to be profitable, the naira will continue to depreciate. There are many of them in the system. Binance has been nipped in the bud, but there are still many. They are online platforms with no registration or restrictions.”

Mr. Gwadabe said that the CBN and the security agencies were already aware of the antics of the platforms. According to him, they are more of an illegal form of economic behaviour, and the people behind them lack patriotism.

“People have turned the dollar into an asset—a commodity of trade—which is why those platforms continue to thrive. We have seen where people are buying dollars into their domiciliary accounts to finance these schemes. A lot of millions of dollars are going out of the system. It is one USD to one USDT. The market can be liquid.

“Binance alone has four billion dollars of liquidity and more than two million transactions. Most of them source money to finance their transactions on the open market, and that is one of the reasons why the naira is depreciating,’’ he said.

BDCs blame peer-to-peer Binance, others for naira fall

Business

SEC announces stricter measures to protect investors

Published

15 hours ago

March 24, 2025

Trends Admin

Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.

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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

SEC announces stricter measures to protect investors

Business

Bitcoin rises above $86,000 as crypto market gains momentum

Published

15 hours ago

March 24, 2025

Trends Admin

Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

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Solana Outperforms Peers Amid Positive Market Sentiment

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.

Bitcoin rises above $86,000 as crypto market gains momentum

Railway

Lagos Govt to redesign Oshodi motor park for rail integration

Published

1 day ago

March 23, 2025

Trends Admin

Honourable Commissioner for Transportation, Oluwaseun Osiyemi

Lagos Govt to redesign Oshodi motor park for rail integration

The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.

This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.

The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.

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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.

“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.

“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.