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Binance exit may worsen youth unemployment, says crypto traders

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Nigerian govt lied, no discussion about $10 billion fines; we won’t pay ransom or damages if asked: Binance
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Experts and crypto enthusiasts have lamented the current ban on Binance naira operations in Nigeria, stating it may increase youth unemployment in the country.

In separate interviews with The PUNCH, the experts called on the government to look for better means of managing the country’s current foreign exchange challenges.

An economist with Lotus Beta Analytics, Shedrach Israel, said that the recent move by the government was tantamount to “treating malaria with paracetamol”.

He claimed the ban on Binance would not address the falling value of the naira.

“I don’t know why the cryptocurrency is being seen as sabotage on the exchange rate because the cryptocurrency is not the major means by which the dollar is flowing in Nigeria. Banning Binance is like giving a malaria patient paracetamol. Although paracetamol may cure the pain of malaria, it does not cure the sickness.

“Similarly, banning Binance has not stopped the naira from falling because the issue is bigger. Binance is just a bit of how much liquidity the dollar has in Nigeria,” he argued.

Israel has called on the CBN to investigate the forex holdings of top Nigerian politicians.

“These people, whether politicians or private citizens, who have stored up forex should be made to convert their money to naira, otherwise, the ban would not be effective.

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“Although the CBN governor claimed about $26bn had left Nigeria through Binance unaccounted, the fact is that Binance uses peer-to-peer trade, which means that there is inflow and outflow of naira in the economy. If $26bn has gone out, how much has come in? Binance is not our problem. Some Bureau de Change operators are possibly richer than Binance users,” he added.

According to the National Bureau of Statistics unemployment data, the unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2 per cent, compared to 6.9 per cent in Q1 2023.

It is estimated that over 22 million people, or 10.3 per cent of Nigeria’s total population, currently own digital currency.

In September 2023, the Securities and Exchange Commission of Nigeria issued a definitive statement, explicitly clarifying that Binance Nigeria was neither registered nor regulated by the SEC.

This official declaration categorises the operations of the renowned global cryptocurrency exchange, within Nigeria as illegal and unauthorised.

In December 2023, the apex bank changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.

A cryptocurrency trader, John Odiba, however, stated that the effect of Binance’s exit from Nigeria could be both negative and positive, with the positive outweighing the negative in the long run.

“The effect of Binance’s exit on Nigerian users can be both positive and negative. One of them is that it could lead to decreased liquidity in the Nigerian cryptocurrency market, resulting in higher transaction costs and less favourable trading conditions for users. Nigerian users may face some limitations in accessing certain cryptocurrencies and trading pairs that were previously available on Binance, potentially hindering their investment opportunities,” he said.

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On the positive side, he said the absence of Binance could create space for local cryptocurrencies like the eNaira to thrive.

“The absence of Binance could create space for local cryptocurrency exchanges to thrive, offering Nigerian users more options tailored to their needs, in the long run,” he said.

According to a crypto enthusiast, Godwin Ojonugwa, his main source of income is the Binance peer-to-peer trade.

He claimed that he was able to fund his education and built himself a befitting apartment through the trade.

He lamented that the current restrictions had negatively impacted his business and he was scared of becoming unemployed.

“Binance has made me a millionaire. I went to school and built my first house with Binance trade. Banning it has made business difficult and I am afraid of becoming unemployed,” he enunciated

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Air Peace announces 15% Student Discount on Nigeria-London Route

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…offers unmatched travel benefits

West and Central Africa’s largest airline, Air Peace, continues to redefine affordability and convenience in international travel, particularly for students pursuing higher education abroad.

In a commitment to making air travel more accessible, the airline is extending its exclusive 15% student discount on economy-class tickets for flights between Nigeria and London, ensuring students can fly at reduced fares while enjoying world-class service.

This offer presents an excellent opportunity for parents and students preparing for the summer return from school to Nigeria.

By leveraging this discount, students enrolled in full-time educational programs at accredited institutions in the UK, Europe, USA, and Canada can enjoy significant savings on their travels.

The fare remains one of the most competitive in the market, allowing families to manage travel expenses more efficiently.

To qualify for the student discount, applicants must be 25 years old or younger and provide essential documents, including a valid student ID, a student visa, and an enrollment verification letter.

The discounted tickets, available for booking through Air Peace’s official website, remain valid for one year from the date of travel and are non-transferable and non-refundable.

Students can initiate their ticket request by submitting their passport data page and required documents via the airline’s designated platform, accessible through the ‘student discount’ section of the website.

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Further inquiries can be directed to businessdevelopment@flyairpeace.com or via phone at +2349093424316 and +2347062193007.

Beyond student travellers, Air Peace is also rewarding other passengers with an ongoing promotional offer that allows travelers to earn over ₦600,000 in savings when they connect any of Air Peace’s major domestic destinations to London.

As an added benefit, passengers on this route are entitled to one extra piece of free luggage, enhancing convenience for those traveling with more baggage.

The airline continues to set the bar high with bespoke in-flight service, featuring premium comfort and a selection of continental meals tailored to meet diverse tastes.

This special promo runs until March 31, 2025, with an extended travel period until April 15, 2025.

As Air Peace remains committed to redefining air travel with affordability, comfort, and seamless connectivity, passengers are encouraged to take full advantage of these exclusive offers while they last.

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Again, Dangote refinery cuts petrol price to N815/litre

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The price competition within the downstream oil sector persisted on Thursday as the Dangote Refinery discreetly implemented a price reduction at its loading gantry, lowering the cost of petrol loading from N825 to N815 per litre.

This marks the third time in 2025 that the Dangote Refinery has reduced the loading cost of petrol, following previous adjustments on February 1 and February 26.

The new pricing structure introduced on Thursday was reportedly met with enthusiasm by oil marketers, who consequently chose to bypass private depot owners and began sourcing their products directly from the refinery.

This N10 reduction in price is also expected to elicit a competitive response from private fuel depots, which may lower their prices to retain their market share.

On Tuesday, the landing cost of imported petrol in Nigeria decreased to N774.72 per litre, with industry analysts suggesting that the ongoing decline in prices could result in a reduction of pump prices to approximately N800 per litre.

The overall cost, which encompasses various expenses such as shipping, import duties, and exchange rate fluctuations, has led retail marketers to favour importation over sourcing products from the Dangote Refinery.

It was speculated that the landing cost could potentially reduce the pump price to N800 per litre, a factor that may have influenced the refinery’s decision to implement a recent price reduction.

In response to this development, depots in Lagos have begun adjusting their prices, with selling rates now ranging between N820 and N839 per litre to align with the refinery’s revised pricing.

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MTN apologises to customers over 200% data price hike

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Nigeria’s largest telecom operator, MTN, has issued a public apology to its customers following widespread complaints about a sudden 200% increase in the price of its popular 15GB data bundle.

The price hike where internet subscribers will have to pay N6,000 for a 15GB weekly data plan which is a 200% increase from the previous N2,000, took many customers by surprise, and led to an outrage from customers on social media on Wednesday.

In message shared on social media on Thursday, MTN in an informal, conversational tone acknowledged the frustration of its customers, and sought to address the growing discontent among users who had grown accustomed to the affordable rates previously offered.

The message read, “To our 15G digital bundle lovers. You dey vex. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favourite digital bundle.

“We could share several reasons, and provide explanations, but omo, all that one na story. We don cast. We get it and admit it. Let’s just say na mistake.”

MTN continued the apology by urging customers not to stay angry saying, “In this love season, don’t stay angry with us. Please forgive and forget. You matter die and we will never stop showing you how much. Let’s continue our relationship. Thank you for your understanding.”

For now, only MTN has increased prices, but Airtel and Globacom are expected to follow after the Nigerian Communications Commission approved a 50 percent tariff increase in January.

The Nigeria Labour Congress has, however, condemned the implementation of a 50 per cent tariff hike by telecommunication companies, demanding an immediate reversal.

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