Tech

Crypto: Binance confirms working with Tinubu govt to block dollar-naira exchange

Published

1 year ago

February 21, 2024

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“Users behaving in a manipulative way will be removed from the platform.’’

One of the World’s biggest cryptocurrency trading platform, Binance, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform.

Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a manipulative way will be removed from the platform.”

“As industry leaders,” Binance said, “We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’

The crypto exchange platform further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Tuesday, Binance disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.

It also disabled purchase of cryptocurrencies via P2P for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.

This comes as another desperate move by the Tinubu-led government to stem naira freefall against the dollar. The naira continues to decline even after the Economic Financial Crimes Commission raided perceived currency speculators at a popular Abuja Bureau De Change hub on Monday.

Earlier on Tuesday, the National Security Adviser, Nuhu Ribadu, directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

“In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability,” a statement issued by Mr Ribadu’s office read.

It added, “The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.”

The naira hit its all time low, trading for N1902 to a dollar on Tuesday before Binance blocked its Nigerian user from selling USDT on the platform.

Mr Tinubu’s government collaborating with Binance to block Nigerians from dollar-naira trading mirrors his predecessor, former President Muhammadu Buhari’s ban on cryptocurrency trading in the country in 2021. The CBN under Mr Tinubu’s watch in December 2023 lifted the ban on cryptocurrency.

Some Nigerian Binance users have criticised Binance on its latest move, threatening to migrate to other platforms for their dollar-naira trading.

An x user, @MikaelBernard, on Tuesday, dismissed Binance’s decision against Nigerian users as “absolutely ridiculous,” adding that “If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully.”

“You can no longer sell your own tokens for above 1802/$. I don’t know what they aim to achieve, but traders are now on telegram, selling at 1850/$ and above. Binance was only a medium. If you block Binance, people will find new ways,” @MikaelBernard tweeted.

Another X user, MiracleOkeke said, “So, let me understand, you literally decided to put a peg or control a somewhat person to person transaction that should normally be determined by whatever price they wish? As an open market? Jokes on you, we will move to other platforms.”

With “more than half of its adult population” trading cryptocurrency “monthly,” according Binance, Nigeria ranks among countries with the largest population of crypto traders in the world.

Recent restrictions on domiciliary accounts in Nigeria by the Tinubu-led government could have also increased the number of Nigerians using the exchange to save their money or facilitate receipt of funds from abroad.

Tech

Gov Soludo is a greater supporter of Innoson group but our Office in Anambra was demolished without pre-notification from government— Innoson Group

Published

36 minutes ago

April 18, 2025

Ekwutos Blog

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‎Innoson Vehicle Manufacturing (IVM) has expressed displeasure over the partial demolition of its Head Office, situated on the Owerri-Nnewi road.
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‎Mr Cornel Osigwe, Head of Corporate Communications at Innoson Group, who confirmed the demolition to newsmen, said that there was no pre notification ahead of the demolition which took place on Wednesday.
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‎He claimed that the office perimeter fence, some offices, stair case and the company’s showroom were affected by the partial demolition.
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‎According to him, there was no pre notification ahead of the demolition; it came to us as a surprise.
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‎“We did not know that the building itself was marked for demolition and if it was marked, they should have given us time to relocate.
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‎“The staff were working and they just saw the demolition vehicle demolishing the building while work was going on.
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‎“Some of our staff were trapped in the building, it took the efforts of our other staff to rescue those that were trapped while over 20 vehicles were also trapped.
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‎“A day before the demolition, there was an announcement that there was going to be a demolition and they were going to give one week for the houses that were marked for demolition to relocate.
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‎“The company was not aware that the company was marked for demolition, and even if it was aware.
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‎“There have been a public announcement that all the marked buildings have one week to relocate, but all those things were not considered
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‎“There were other buildings that were close to the head office and marked for demolition were not demolished but they came straight to our building and demolished it, making us to wonder if there was another ulterior motive to it,” he said.
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‎“Gov. Charles Soludo of Anambra has been a great supporter of Innoson Vehicle and Innoson has been a great supporter of the state government.

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‎“But the way and manner that everything happened makes us to wonder if the state government is aware that those handling the demolition have personal vendetta against the company,” he added.
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Tech

They only know how to drain data’ – Telecom consumers lament tariff hike, poor network

Published

4 days ago

April 14, 2025

Ekwutos Blog

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Some telecommunication services consumers in the Federal Capital Territory, FCT have urged Mobile Network Operators to improve their services to match the recent hike in their tariffs.

They made the call in separate interviews with NAN on Monday in Abuja.

The subscribers said despite the increase in subscription rates mobile networks could remain epileptic for hours.

In a publication dated February 6, 2024, the Executive Vice-chairman of the Nigerian Communications Commission, Dr Aminu Maida, said that the commission would hold service providers accountable for poor service delivery.

Mr Ogah Paul, one of the subscribers said he had enough data on his network but could not access the internet because of the epileptic network.

He urged service providers to fix the problems surrounding the poor services.

“The only thing they know is to drain data without any good service delivery. I feel like crying because of a problematic network. I have been receiving server errors since morning.

“To even download and watch a video sent to me since, takes me almost one whole day. “I wonder if members of staff of the service providers are enjoying the service they render to us.

“We cannot make calls, access the internet or even receive calls,’’ he said.

According to him, unfortunately, the network providers put up some of the best adverts about their products and services which they cannot meet.

Mr Victor James, another subscriber said he had enough data but was not able to use it to his satisfaction.

“Why does their data plan not reflect immediately when you buy data? Sometimes it takes as much as 24 hours to reflect.

“I am tired of this. The network is really bad. I have enough data but I cannot use it the way I want.

“I hope the issues get resolved as soon as possible so that I can access my data without further delay,” he said.

However, Ms Josephine Tanko, told NAN that she had no problems with her network providers.

“It is fast and reliable. I think it is the network that gives the best internet speed and quality.

“It will always be my best that is why I will always choose it over any other network,” she said.

She called on networks that did not meet their subscriber’s expectations to ensure that they improved their services.

Tech

5 countries that produce the most cars

Published

5 days ago

April 13, 2025

Ekwutos Blog

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By Adegboyega Adeleye

The importance of cars in transportation cannot be overemphasised with some countries known for their production.

Transportation is required for work, school, and industry, with car production fast becoming a major producer of revenue and a player in the global was financial market.

Car production is one of the largest economic sectors internationally; however, some countries produce more cars than others. The list of countries by motor vehicle production is based on statistics by the International Organization of Motor Vehicle Manufacturers.

The world’s car manufacturers put another 93.5 million vehicles on the roads in 2023, the last full-year numbers currently available.

This article will explore the top 5 countries with the highest car production.

1. China

China, the world’s biggest manufacturer overall, leads the world in car production. The country’s 2023 production totaled more than 30 million vehicles, adding up to more than 30% of all cars and trucks produced globally.

The largest domestic car manufacturers in China, known as the traditional “Big Four,” are SAIC Motor, Dongfeng, FAW, and Chang’an.

2. United States

The United States–a major automotive producer, known for its large vehicle market–is the second biggest auto manufacturing country with a volume of 10,611,555. This represents about 5.5 percent growth compared to the 10,060,339 produced in 2022.

The United States produces less than half of what China does, having manufactured about 1.8 million cars and 8.3 million commercial vehicles in 2022. The United States’ largest car manufacturers, referred to as the “Big Three,” are General Motors, Ford Motor Company, and Fiat Chrysler.

3. Japan

Japan ranked as the third biggest automobile-producing country in the world with a total volume of 8,997,440 vehicles manufactured in 2023. The country is a significant player in the global automotive industry, known for its engineering and quality.

After a sudden drop in production from 2020-2022 due to the COVID-19 pandemic, Japan produced just under 9 million vehicles in 2023 (8,997,440)–a drop from its pre-COVID total of nearly 9.7 million in 2019.

However, the volume grew by 14.8 percent compared to the 7,835,519 produced in 2022.

Japan’s automotive industry is one of the largest industries in the world. The country’s automotive manufacturers include Toyota, Honda, Daihatsu, Nissan, Suzuki, Mazda, Mitsubishi, Subaru, Isuzu, etc.

4. India

India is the fourth-largest automobile-producing country in the world with a total number of 5,851,507 manufactured in 2023. The volume of vehicles grew by 7.2 percent compared to 5,456,857 vehicles produced in 2022.

Although, India is not renowned in America or Europe as a vehicle manufacturer, the Asian nation produced 5.8 million cars in 2023– an annual increase of 7%. India’s export markets for vehicles include Saudi Arabia, South Africa, and Mexico.

The nation is rapidly growing as an automotive market and producer.

5. South Korea

South Korea is the fifth-largest auto-producing country in the world. The country manufactured a total of 4,244,000 vehicles in 2023, representing a growth of 13 percent from a total of 3,757,049 vehicles produced in 2022.

The major South Korean automobile manufacturers include GM Korea, Hyundai Motor Group and its affiliate, Kia Corporation along with Renault Korea Motors.