Business

$10bn Regulatory Fine Forces Binance to end Services in Nigeria

Published

2 years ago

March 5, 2024

428 Views

Posting on Binance website today, said that the crypto exchange will discontinue all services for Nigeria’s fiat currency, the naira, amid an ongoing regulatory conflict in the country.

Recall that the Nigerian government recently slamed a 10 billion dollar fine on Binance for its alleged role in the devaluation of the Naira.

The statement on its website said that the crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today.

Binance said that withdrawals will become unsupported after March 8 at 6:00 a.m. UTC., and the conversion rate for automatic conversions will be 1 USDT per 1,515.13 naira,” said the statement.

It added that all spot trading pairs against the naira will be delisted on March 7 at 3:00 a.m. UTC. Open spot orders for these pairs will be automatically closed.

Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will also cease support for the naira at various dates and times.

Business

Naira Exchange Rates Monday,17 August

Published

8 hours ago

August 17, 2026

OCHEFA

9 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,410 Sell ₦1,420

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,580 Sell ₦1,605

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

Central African CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,357. 61

Great British Pound (GBP) ₦1,840.10

EURO (EUR) ₦1,571.70

Swiss Franc (CHF) ₦1,673.58

Chinese Yuan (CNY) ₦201.37

West African CFA (XOF) ₦2. 39

West African Unit Account (WAUA) ₦1,853.65

Saudi Riyal (SAR) ₦361. 59

South African Rand (ZAR) ₦83.85

Business

Naira Exchange Rates Friday, August 14

Published

4 days ago

August 14, 2026

OCHEFA

48 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423

GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN Exchange Rates

US DOLLAR (USD) ₦1,357. 65

GREAT BRITISH POUND (GBP) ₦1,834.04

EURO (EUR) ₦1,567.00

SWISS FRANC (CHF) ₦1,671. 98

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦201. 34

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02

SAUDI RIYAL (SAR) ₦361.62

SOUTH AFRICAN RAND (ZAR) ₦84.23

Business

Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy

However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.

Published

5 days ago

August 13, 2026

OCHEFA

63 Views

All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.

The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.

Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.