Dollar crashes from 1800 to 1400 as Goverment attacks spot buyers on Binance

 The Federal Government of Nigeria determination to curb the activities of forex speculators seem to be gaining momentum with the exchange rate now down to 1439 to 1 US Dollar. The Naira strengthens against USDT as Binance and other crypto platforms confirm they are in talks with government to curb spot trading. 

Aside talks with Binance and other platforms, the attack against currency speculators is also been effectively sustained by the office of National Security Adviser, Economic and Financial Crime Commission (EFCC) and the police. A source disclosed that Naira will continue to strengthen against the dollar and the economy will experience speedily recovery from saboteurs. 

   "In a surprising turn of events, the Nigerian Naira has shown significant strength against the Tether (USDT) cryptocurrency, with its value improving to 1438 from a previous high of over 1800. This development occurs amidst growing speculation that major cryptocurrency platforms, including Binance, are in advanced talks with regulatory bodies to introduce measures aimed at curtailing speculative spot trading that has adversely affected the Naira.

The remarkable recovery of the Naira comes at a time when the Central Bank of Nigeria (CBN), in conjunction with other financial regulatory authorities, is reportedly considering stringent regulations on cryptocurrency transactions to stabilize the national currency. The speculative nature of crypto trading had previously led to volatility in the Naira's value, prompting a need for intervention from both the government and the crypto industry.

Insiders suggest that the anticipated regulatory measures might include limitations on the volume of trades, enhanced surveillance of crypto transactions, and stricter rules for exchanges operating within Nigeria's financial ecosystem. These proposed regulations aim to mitigate the impact of speculative trading on the Naira, ensuring a more stable economic environment.

The strengthening of the Naira against USDT is viewed by many as a positive response to the ongoing discussions between crypto platforms and Nigerian regulators. It signifies investor confidence in the potential for a more regulated and stable crypto trading environment in Nigeria. This shift could encourage more responsible trading practices and contribute to the overall stability of the Nigerian economy.

The collaboration between crypto exchanges and regulatory bodies highlights a proactive approach to addressing the challenges posed by the integration of digital currencies into Nigeria's financial system. By working together, they aim to strike a balance between fostering innovation in the crypto space and protecting the economy from potential destabilization.

As the dialogue between the crypto industry and regulators continues, the focus remains on creating a regulatory framework that supports the growth of digital finance while safeguarding the economic interests of Nigerians. The recent strengthening of the Naira against USDT is a promising sign that these efforts are moving in the right direction. Speculators may be in for a wild ride"

EFCC Recovers N30 Billion from Ministry of Humanitarian N37B fraud

 The Economic and Financial Crimes Commission has recovered over N30bn from the N37,170, 855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under the former minister, Sadiya Umar-Farouk.

Sources in the anti-graft agency, who spoke with our correspondent on Friday, said the commission had also uncovered over N500m from the scam associated with Umar-Farouk’s successor, Betta Edu, who was recently suspended by President Bola Tinubu.

A Nigerian newspaper, PUNCH had in December reported that N37,170,855,753.44 was transferred from government coffers and sent to 38 different bank accounts domiciled in five legacy commercial banks belonging to or connected with a contractor, James Okwete.

It was gathered on Friday that N30bn was recovered by the EFCC following the placement of a lien on the bank accounts of Umar-Farouq and Okwete, who are still being grilled by the anti-graft agency’s investigators.

Seyi Makinde's dance of shame

It is very curious that Governor Seyi Makinde referenced the petition signed and dated 3rd of February on a letter that he signed on the 2nd of February. Abeg, who is fooling who?

This whole thing is being orchestrated by the inglorious G5 governors who sabotaged PDP at national who want to again sabotage PDP in Edo state. They have never wished the party well and this is another example. Recall that they recently pledged to deliver Jagaban back to power.

As usual, they will continue to FAIL. 

We call on all law-abiding members of our party to turn out enmasse and vote for delegates of their choice today, 4th February 2024. Let's take our destiny into ou. .mr hands and take our party back from a handful of self-seeking people who have shown time and time again that they have no interest in helping ordinary people.

 *COPIED*