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Forex Crisis: Binance Responds To Unusual Currency Fluctuations

Prominent crypto trading platform, Binance, has modified its trading procedures to counteract an abnormal currency fluctuation, while also dissociating itself from the forex crisis in Nigeria.
Recall the Federal Government had reportedly blocked the major online crypto platforms to avert the continuous manipulation of the forex market and illicit movement of funds.
Naija Latest Gist reports that the latest development comes after the National Security Adviser, Nuhu Ribadu, ordered a crackdown on currency speculators in the country.
It was gathered that the Nigerian Communications Commission (NCC) communicated the directive to telecommunication companies to block the crypto platforms.
Reports, yet to be confirmed, indicate that the Central Bank of Nigeria (CBN) and other governmental entities may have directed Binance to impose restrictions on Nigerian traders selling USDT.
Binance, in a statement released on Wednesday via Binance Blog, refuted the claims made in the report and reiterated the operational status of its peer-to-peer (P2P) product, albeit with adjustments.
Binance underscored its partnership with legislators and regulatory agencies to uphold transparency in cryptocurrency trading and its consequences on financial markets, clarifying that Binance does not influence foreign exchange rates.
The statement reads, “To protect users and to prevent any abuse, our system automatically pauses in the event of a period of significant currency movement. Late last night, we observed a temporary suppression of prices that briefly reached our system limit. We quickly made the necessary adjustments to allow trading to continue.
“We have stringent measures in place to protect users in the market, including real-time monitoring, immediate removal of non-compliant advertisements, and permanent removal of bad actors from using our P2P product. Continuous market surveillance ensures the prompt removal of abnormal prices, supported by a fixed security deposit.
“It is important to note that foreign exchange rates are influenced by various complex factors, which Binance has no influence on. However, we continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open, transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets.
“Again, we encourage users and the community to disregard any unfounded fears or uncertainties and appreciate the ongoing support as we navigate the dynamic market conditions. We will continue to provide updates through our official channels as necessary.”
News
“APC doesn’t have capacity to solve Nigerian problems” – El-Rufai talks tough

Immediate-past governor of Kaduna State, Nasir El-Rufai, has expressed reservations over the capacity of the ruling All Progressives Congress, APC, to tackle the challenges confronting the country.
El-Rufai, who is a founding member of the APC, stated this during a conference on strengthening democracy in Nigeria in Abuja on Monday.
The conference was organised by the African Centre for Leadership, Strategy and Development [Centre LS], the Centre for Democracy and Development, CDD, the Westminster Foundation for Democracy, WFD, the Peering Advocacy and Advancement Centre in Africa, PAACA, and the National Peace Committee, NPC.
He said: “I no longer recognise the APC. No party organ of the APC has met for the past two years. No caucus, no NEC, nothing. You don’t even know if it is a one-man show; it is a zero-man show,” he added.
He recalled that the original goal of forming the APC was to build a progressive party focused on fighting corruption, revamping the economy, and restoring security.
He, however, said these objectives have been abandoned.
“The problems are still there. However, I no longer believe that my party believes in confronting those problems.
“So, the distance between me and APC is widening, but I remain where I am because these problems remain the living problems of Nigerians, and they have to be addressed, and the only way to address them is through the instrumentality of the political parties,” he added.
On the states of opposition parties, the former governor said, “The way and manner opposition political parties are being targeted for destruction and the style and quality of governance in this country today is a national emergency. It should concern everyone.
News
“Your blessings will reduce if you collect money from pastors” – Pastor David Ibiyeomie (Video)

The general overseer of Salvation Ministries, Pastor David Ibiyeomie, has cautioned his congregation, advising them against accepting money from senior pastors so as not to reduce their blessings.
In a video making the rounds online, Ibiyeomie stated that this practice is not supported by scripture and can hinder one’s financial prosperity.
Addressing his church members, Ibiyeomie emphasized the importance of giving to senior pastors rather than receiving from them. He stated that giving financially to senior ministers can bring divine blessings and unlock greater prosperity.
David Ibiyeomie said, “May I tell you one raw truth? It may be hard, but never collect money from a senior man of God. You are reducing your blessing.”
Pastor Ibiyeomie shared from his personal experience, stating that he has never sought financial assistance from his spiritual mentor, Bishop David Oyedepo, even during difficult times.
He said, “I’ll be the last person to collect a dime from Oyedepo, not because challenges have not come. That’s not how it works.”
“There are senior men to me today, and I can sow into their lives. But I will not go and say, ‘Pastor Femi, can you please help me?’ It’s not scriptural. Don’t collect money from a senior man; you are reducing your prosperity. Sow into the senior man to draw virtue for the next level.”
Watch the video below:
News
Man Stabs Girlfriend To Death In Lagos

The Lagos State police have arrested a 47-year-old man, identified as Emmanuel Chukwuma, for stabbing his 45-year-old girlfriend, Bosede Adefehinti, to death on 7th Avenue, Festac.
Naija Latest Gist learnt that the suspect, popularly known as Oliver on the street, and the deceased have been living together as boyfriend and girlfriend.
An eyewitness who spoke to Vanguard said it was not the first time the lovers had issues, adding that an inferiority complex on the part of the man had caused the fight.
He said, “Yesterday around 2:30 pm, Oliver stabbed his girlfriend, and after stabbing her, he tried to kill himself by jumping into the well, but we stopped him and called the police.
“They are not married, and this is not the first time they have had issues, but yesterday’s was beyond anything before.
“What I believe caused the fight was an inferiority complex on the man’s part because he has no job and helps his girlfriend sell herbal medicines, popularly known as Agbo—a concoction prepared from a variety of herbs.
“So most times, when he’s selling, the girlfriend leaves the shop while he remains there, sometimes receiving banter from the customers.”
Confirming the incident, the Lagos State Police Spokesman, SP Benjamin Hundeyin, said the suspect has been arrested, and the case file will be transferred to the Homicide section, Panti.
He said, “At about 3:10 pm, a distress call was received that one Emmanuel Chukwuma, aged 47 years, stabbed his girlfriend, Bosede Adefehinti, aged 45 years, to death.
“Immediately, detectives and a patrol team visited the scene of the crime. The suspect was arrested from the well where he hid.
“Photographs were taken while waiting for Lagos State health staff for the possible evacuation of the corpse to the mortuary.
“Meanwhile, the case file will be transferred to the Homicide section, Panti.”
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