SEC warns crypto traders against Binance Nigeria operations – Newstrends
Connect with us

Business

SEC warns crypto traders against Binance Nigeria operations

Published

on

Securities and Exchange Commission (SEC) has alerted that the operation of Binance Nigeria Limited, a subsidiary of Binance, is illegal.

It said in a statement obtained on its website that the cryptocurrency platform was not registered to operate in Nigeria.

SEC however did not say what would happen to those patronising the platform.

SEC said the cryptocurrency platform had been actively promoting its web and mobile-enabled platforms to Nigerians.

According to the commission, the company is neither subject to its regulations nor was it registered.

“The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms,” SEC said.

Railway

NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption

Published

on

NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption

The Nigerian Railway Corporation (NRC) has urged passengers using the Abuja–Kaduna train service to exercise patience, describing the current service disruption as temporary while repairs and security upgrades continue.

The appeal was made on Tuesday by NRC Managing Director Dr. Kayode Opeifa, following public concerns over the reduced frequency of train services on the corridor. He acknowledged commuter frustrations and affirmed that the Abuja–Kaduna line remains a flagship service under Nigeria’s railway modernisation programme.

Dr. Opeifa attributed the reduced services to two major setbacks: the March 2022 terrorist attack on the rail line, which prompted enhanced security measures, and a recent derailment that damaged multiple Diesel Multiple Unit (DMU) coaches, reducing the number of operational trains. He clarified that the service reduction was not due to neglect, but a necessary step to ensure passenger safety.

READ ALSO:

Repairs and refurbishments are ongoing, with plans to deploy additional coaches to restore normal service frequency. “Passengers’ feedback helps strengthen our resolve to deliver safe, reliable and efficient service,” Opeifa said.

The NRC also highlighted continued support from the Federal Government under President Bola Ahmed Tinubu’s Renewed Hope Agenda, as the Minister of Transport works closely with the Corporation to accelerate full restoration. Alternative rolling stock is being considered to temporarily reinforce service, while safety certification and enhanced security along the corridor remain top priorities.

The NRC assured commuters that the challenges are part of a phase of recovery and rebuilding, promising progressive improvements and a return to multiple daily trips. Passengers can communicate directly with the Managing Director via SMS at 08075005411 for feedback.

NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption

Continue Reading

Business

Nationwide Glo Network Outage Disrupts Data Services Across Nigeria

Published

on

Nationwide Glo Network Outage Disrupts Data Services Across Nigeria

Millions of subscribers of Glo Nigeria were left stranded on Tuesday following a nationwide data outage that disrupted internet connectivity and online transactions across multiple states.

The disruption, which began around 8:30 a.m., affected users’ ability to browse the internet, access mobile apps, or carry out digital payments—causing widespread frustration among individuals and businesses relying on mobile data services.

In an official statement to customers, Glo acknowledged the service interruption and tendered an apology for the inconvenience caused. The telecom operator assured subscribers that its engineers were working urgently to resolve the problem and restore normal connectivity.

READ ALSO:

“We understand how important reliable access is to you and sincerely apologise for the disruption,” the company said.
“Our technical team is working to resolve the issue and ensure services are restored as quickly as possible.
Thank you for your patience and for choosing Glo. We truly appreciate you.”

The Glo network outage marks one of the most significant service disruptions experienced by the operator in recent months, with subscribers taking to social media to express their concerns and seek updates.

Telecom experts say nationwide outages of this scale often stem from major fibre cuts, transmission failures, or core network faults, though Glo has yet to disclose the exact cause.

Subscribers are hopeful that full connectivity will be restored soon as the company continues its recovery efforts.

Nationwide Glo Network Outage Disrupts Data Services Across Nigeria

Continue Reading

Business

Naira strengthens as official, parallel market rates align further

Published

on

Naira strengthens as official, parallel market rates align further

The Nigerian Naira remained stable against the US Dollar on Tuesday, December 9, 2025, with trading data showing continued convergence between the official exchange rate and the parallel market. The trend follows sustained monetary reforms and improved foreign exchange inflows.

According to figures from the NAFEM window, the Naira opened at an average of ₦1,450.92 per dollar, maintaining its recent trading band between ₦1,450 and ₦1,460. Market analysts attribute the stability to rising foreign inflows and the US Federal Reserve’s dovish monetary stance, which has weakened the dollar globally.

READ ALSO:

In the parallel market, currency dealers in Lagos and Abuja priced the dollar at around ₦1,490 (selling) and ₦1,475 (buying). Data from street platforms, including Aboki Forex, indicates that the gap between official and black-market rates has narrowed to roughly ₦40, signalling reduced arbitrage and improved efficiency in the FX ecosystem.

Experts say the Central Bank of Nigeria (CBN) has helped steady the currency through ongoing reforms and gradual reserve buildup. Anticipated US Fed rate cuts later this month are also boosting investor confidence in Nigerian assets, helping keep exchange-rate volatility low as the year closes.

Naira strengthens as official, parallel market rates align further

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending