News
Nigeria bans cryptocurrency trading in the country
While most countries, institutions and individuals around the world are cautiously waiting and welcoming the crypto revolution, there are some who believe that it could do more harm than good, and so are proactively looking to ban its trading in their economies. India is one such country, which is exploring banning crypto trading, while Nigeria has already done so, based on a government circular from a few days ago.
According to this, the Central Bank of Nigeria ordered financial institutions in the country to identify people and companies which are trading in crypto in the country, and close their accounts as soon as possible. It also threatened severe penalties for those institutions that did not comply with this order. This has come as a sudden change in bank policy in the country, and therefore a shock to most people, since crypto is one of the safest and speed payment methods. Also there are various sectors in Nigeria, not least the various online businesses which had begun utilizing crypto to improve their customers’ experience. One of the best examples of this was seen in the online gambling sector, which was experiencing a boom in any case due to the pandemic. This was improved even further when various online gambling providers began offering players the option to play bitcoin jackpot slots, and also using the underlying blockchain to strengthen their operations. Such websites have seen a lot more traffic and revenue increases since implementing these features, but this ban will now take away a significant client base, given that Nigerians have always been very fond of gambling.
One of the biggest questions around this ban is that crypto is supposed to be above regulations, since they are decentralized, so how exactly is it being banned in Nigeria, or indeed anywhere else. The point is that it is not crypto exactly which has been restricted – rather, the institutions and exchanges where people can trade in these assets are being ordered to close accounts. Thus, the network itself is being shut, which makes it impossible for users in Nigeria to be able to trade in crypto. It is similar to the way in which the Central Bank of Nigeria controls the financial system for any asset.
There has been no reason cited for this ban, but most observers believe it is to stop the flight of capital into crypto, and therefore away from the domestic fiat currency, which would weaken the currency. The naira, Nigeria’s currency, has been in free-fall for a number of years, and this flight of money into the dollar and now cryptocurrencies has only been worsening this trend. Thus, many Nigerians had been moving towards crypto as an alternative to receiving foreign remittances, which was taking away a source of foreign currency for the central bank. In fact, if the various remittance figures that different crypto exchanges put out are to be believed, there were transactions made for over $1.5 billion in crypto in the country last year, which is a significant amount. Another reason is the use of crypto during the anti-government protests in Nigeria, which allowed protesters to bypass local funding restrictions.
However, it is important that this decision does not yet make it a crime for people to own crypto – it only makes it extremely difficult to do so. Thus, we can expect more and more citizens to try and find innovative ways to trade and own crypto in Nigeria, as its benefits have already been seen, and there is an appetite for digital currencies that is not going to go away anytime soon.
Nobel Laureate, Professor Wole Soyinka, has called on Nigerians to reject silence in the face of extrajudicial killings and other abuses of human rights.
Soyinka stressed that accountability and civic courage remain essential to rebuilding public confidence in the nation’s institutions.
He made the call during the 28th Wole Soyinka Lecture held in Port Harcourt, last Friday as part of activities marking his 92nd birthday.
The lecture, themed “Reclaiming the Nigerian State through Accountability, Justice and Civic Courage,” drew participants from different sectors of society.
The renowned playwright and human rights advocate said the country’s greatest tragedy was not only the unlawful killings carried out by state and non-state actors, but also the silence that often follows such incidents, allowing perpetrators to evade justice.
According to him, indifference by citizens to abuses of power and violations of fundamental human rights has contributed to the persistence of extrajudicial killings and other forms of injustice across the country.
Soyinka said he dedicated this year’s lecture to victims of unlawful killings, noting that the event was intended to honour individuals who had lost their lives as a result of failures within the justice system and society’s inability to protect the sanctity of human life.
He stressed that the lecture was dedicated to what he described as the basic unit of every society – the human being, and urged Nigerians to place greater value on human dignity irrespective of ethnicity, religion or social status.
The Nobel Laureate recalled several incidents of violence, including the fatal shooting and killing of a young man in Ugheli in Delta State by a police officer, and the mob killing of Deborah Yakubu in Sokoto State sometime ago, lamenting that many of those responsible are yet to face justice.
He expressed concern that some perpetrators of violent crimes had openly admitted their actions without fear of prosecution, describing such situations as evidence of serious failures within the nation’s justice system.
Soyinka maintained that when justice is delayed or denied, public confidence in state institutions continues to erode, thereby encouraging further violations of human rights.
Responding to critics who accuse him of promoting religious or ethnic divisions whenever he spoke on such issues, Soyinka dismissed the allegations and pointed out that his advocacy has always centred on the protection of human life and the rule of law.
He urged Nigerians to remain vigilant and continue demanding justice in cases of alleged extrajudicial killings, including the recent shooting of a young man by a police officer, stressing that every life deserves equal protection under the law.
The literary icon also recalled an earlier pledge by a past incoming president to make public the files relating to unresolved assassinations and extrajudicial killings, questioning the status of the promised investigations.
He challenged citizens to continue asking questions about unresolved cases, insisting that justice, accountability and respect for human dignity are indispensable to building a peaceful, democratic and inclusive Nigerian society.
The Federal Airports Authority of Nigeria (FAAN) has clarified that there was no fire at Terminal 2 of the Murtala Muhammed International Airport, Lagos, contrary to its earlier advisory.
Earlier yesterday, FAAN had announced that a fire incident had occurred at Terminal 2 of the nation’s busiest airport, and assured that its Aerodrome Rescue and Firefighting Service had been deployed to contain the situation.
There were also reports that activities were briefly disrupted at the airport yesterday after smoke was seen inside parts of the terminal.
Videos circulating online showed passengers kept standing outside the terminal while firefighters responded to the incident.
However, in an update issued less than two hours later by the Director of Public Affairs and Consumer Protection, Henry Agbebire, and posted on FAAN’s official X handle, the authority said preliminary findings showed that the smoke seen at the terminal was caused by the discharge of the facility’s FM-200 fire suppression system.
“Further to our earlier advisory regarding the incident at Terminal 2 of the Murtala Muhammed International Airport, Lagos, the Federal Airports Authority of Nigeria (FAAN) wishes to provide the following update,” the statement read.
“Preliminary findings indicate that there was no fire at the terminal. The smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated,” FAAN stated.
The authority said normal operations had resumed at the terminal while investigations were ongoing to determine the cause of the incident.
“Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of the incident,” the statement added.
The authority thanked passengers, airlines, airport users and other stakeholders for their understanding and cooperation.
FAAN appreciated the understanding and cooperation of passengers, airlines, airport users and all stakeholders, and reiterated its commitment to the safety and security of all airport operations.