Business
Binance Pulls Out Of Nigeria, Suspends Naira Services
By Abubakar Yunusa
Cryptocurrency trading platform, Binance, has asked Nigerians trading on its exchange to withdraw all their naira assets, indicating that it is discontinuing its services in the country.
In a bid to tackle the high level of instability in the forex market, the Federal Government had cracked down on Binance executives.
On Tuesday, it removed all assets associated with the naira amid a clampdown by Nigerian authorities on the platform.
“Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services,” the platform said.
Binance said from “2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate.”
This comes after the government blamed Binance for being responsible for triggering the problems in the Nigeria FX market.
On Monday, the House of Representatives threatened to issue a warrant of arrest on the company’s Chief Executive Officer, Mr Changpeng Zhao.
This followed no response from representatives, who were asked to appear before its committee.
Ginger Onwusibe, chairman of the committee, said members of the panel had resolved “not to entertain” any representatives apart from the executives of Binance.
“Binance is not here. We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands,” Onwusibe said.
Binance executives had not appeared before the committee because two employees, who were to appear at the meeting, were arrested upon their arrival in Nigeria by the Office of the National Security Adviser (ONSA) last week.
This comes amidst ongoing rancour with the Nigerian government over Binance operations in the country.
The crypto platform is being accused of manipulating the country’s currency leading to its steady fall against other currencies. Some of its executives are also currently being detained by the Nigerian government.
The National Bureau of Statistics (NBS) says Nigeria recorded N3.42 trillion trade surplus in the fourth quarter (Q4) of 2024.
The NBS, in its foreign trade report for Q4 2024, said Nigeria’s exports totalled N20.01 trillion while imports stood at N16.59 trillion.
A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.
The bureau said total trade was N36.6 trillion in Q4, representing an increase of 2.20 percent compared to the N35.8 trillion recorded in the third quarter (Q1) of the year.
“Nigeria’s total merchandise trade stood at N36,604.83 billion in Q4, 2024. This represents an increase of 68.32% compared to the value (N21,747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded in the preceding quarter (N35,818.35),” NBS said.
“In the quarter under review, exports accounted for 54.68% of total trade with a value of N20,014.33 billion, showing an increase of 57.67% rise over the value recorded in the fourth quarter of 2023 (N12,693.62) and a decrease of 2.55% compared to the value recorded in Q3 2024 (N20,537.17).”
NBS further said crude oil continued to dominate exports trade in the quarter reviewed.
The statistics firm said crude oil exports stood at N13.78 trillion, representing 68.87 percent of total exports, while the value of non-crude oil exports stood at N6.23 trillion, accounting for 31.13 percent of total exports.
NBS added that non-oil products contributed N2.84 trillion or 4.20 percent of total exports.
The NBS said the Netherlands was Nigeria’s top export destination in Q4, followed by Spain, France, India, and Indonesia.
“The main export destination was The Netherlands with a value of N 2,089.96 billion or 10.44% of total exports, followed by exports to France with N1,909.76 billion or 9.54% of total exports, Spain with N1,737.68 billion or 8.68% of total export,” NBS said.
“India with N1,596.66 billion or 7.98% of total exports, and exports to Indonesia with goods valued at N1,406.77 billion representing 7.03% of total exports.
“These five countries collectively accounted for 43.67% of the value of total exports in Q4, 2024.”
In terms of imports, the bureau said China remained Nigeria’s major trading partner, with 27.80 percent (N4 61 trillion) worth of imported goods.
Others on the top five import routes were India (N1.89 trillion or 11.43 percent), Belgium (N1.38 trillion or 8.35 percent), the United States (N1.05 billion or 6.33 percent), and France ( N501 billion or 3.62 percent).
President Bola Tinubu has appointed Attahiru Jega, former chairman of the Independent National Electoral Commission (INEC), as adviser and coordinator of the presidential livestock reforms initiative.
Bayo Onanuga, presidential adviser on information and strategy, announced the appointment in a statement issued on Friday evening.
By Amina Samuel, Kaduna
The Kaduna State government has unveiled a groundbreaking urban mobility project aimed at transforming public transportation in the state.
The Kaduna Bus Rapid Transit (KBRT) system, spearheaded by Governor Uba Sani, is set to introduce a 24-kilometer dedicated transit corridor, significantly reducing congestion and enhancing the quality of life for residents.
Speaking at a press conference on Friday at the Nigeria Union of Journalists (NUJ) Secretariat, the Director General of Kaduna State Transport Regulatory Authority (KADSTRA), Engr. Inuwa Ibrahim, described the KBRT as more than just a transport initiative, calling it a game-changer for Kaduna’s economy and urban development.
“The KBRT project is expected to provide safer and more reliable transport, decongest the urban center, reduce travel time, and improve both road safety and environmental sustainability,” Ibrahim stated.
The French Development Agency (AFD) is partnering with Kaduna State in funding the initiative.
Governor Uba Sani has committed significant resources to the project, allocating ₦97 million in counterpart funding in 2023, ₦699 million in the 2024 budget, and ₦30 billion earmarked for 2025, including ₦5 billion in counterpart funding.
According to Ibrahim, the KBRT corridor will stretch from Kawo Bridge to Sabon Tasha, featuring well-structured bus stations and shelters to enhance passenger convenience.
“More than just an infrastructural development, KBRT represents a shift towards a modern, efficient, and environmentally friendly transportation system that will enhance mobility, stimulate economic growth, and create job opportunities for Kaduna residents,” he added.
Governor Uba Sani’s administration has prioritized structured and sustainable urban transport solutions to tackle congestion, unregulated transport operations, and inefficiencies in Kaduna.
The KBRT project is a major component of this vision, promising a more organized, efficient, and safer public transit system.
As construction begins, residents are encouraged to support the project, which is expected to bring visible improvements to Kaduna’s transportation landscape in the coming months.