Business
BREAKING: FG drops money laundering charges against Binance executive Gambaryan
The Federal government of Nigeria has dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who has been on trial for money laundering and currency speculations at the Federal High Court in Abuja.
The trial judge, Emeka Nwite, ordered Mr Gambaryan, a US citizen, to be immediately released from Kuje prison in Abuja, following a request by the prosecution during Wednesday morning’s proceedings.
The development, coming two days ahead of the previously scheduled hearing set for 25 October, which had been announced in open court last Friday, appears to be planned to avoid attracting widespread attention.
Meanwhile, the judge sustained the money laundering charges against Binance, a cryptocurrency firm, which now stands as the sole defendant in the case.
The firm is accused of money laundering and currency speculation involving as much as $34.4 million to the detriment of the Nigerian forex market and economy.
A lawyer, R.U. Adaba, representing the Economic and Financial Crimes Commission (EFCC) – the prosecuting agency – applied on Wednesday morning to the court to stop the prosecution of Mr Gambaryan.
She cited diplomatic interventions and the extent of the defendant’s involvement in the alleged crimes as the key reasons for the decision.
“The government has reviewed the case and, taken into consideration that the second defendant (Mr Gambaryan) is an employee of the first defendant (Binance Holdings Limited), whose status in the matter has more impact than the second defendant’s, and also taking into consideration some critical international and diplomatic reasons, the state seeks to discontinue the case against the second defendant,” Ms Adaba said.
She also cited Mr Gambaryan’s worsening health in custody.
She noted that “the health of the defendant has been a recurrent issue which the state has managed well at the correctional centre facility through NSA (the National Security Adviser.”
But despite the Nigerian government’s best efforts at caring for him, Ms Adaba said “the second defendant can barely walk without a wheelchair or crutches and in addition with other ailments.”
“A surgery had been recommended,” she added, and the recovery process “may take some time that may impact on the pace of the trial.
”Mark Mordi, a Senior Advocate of Nigeria (SAN) representing Mr Gambaryan, agreed with the prosecution, saying that his client was not involved in the company’s broader financial decisions.
“We ask the court to expedite everything to ensure Mr Gambaryan leaves the facility of the correctional centre,” the senior lawyer said.
In addition to seeking his client’s discharge, Mr Mordi asked for full acquittal, citing Section 108 of the Administration of Criminal Justice Act (ACJA) for the second defendant to be “discharged and acquitted.
Wednesday’s hearing marked the culmination of months of intense, behind-the-scenes diplomatic talks between Nigerian and US government officials, aimed at securing the release of Mr GambaryanIn the weeks leading up to the hearing, some US lawmakers had campaigned for the release of Mr Gambaryan, writing to relevant Nigerian and American authorities to intervene.
The pressure on the Nigerian government intensified after the trial court twice denied the defendant’s bail requests.
Business
CBN Urges Public, Businesses Not To Reject N100 Bank Note
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions.
The apex bank made the appeal in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, clarifying that it became necessary, following reports that some members of the public were rejecting the note.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” she said.
“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890
EURO (EUR) Buy ₦1, 575 Sell ₦1,595
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
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,379.07
GREAT BRITISH POUND (GBP) ₦1,840.64
EURO (EUR) ₦1,572.00
SWISS FRANC (CHF) ₦1,704.45
JAPANESE YEN (JPN) ₦8. 48
CHINESE YUAN (CNY) ₦202.76
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 53
SAUDI RIYAL (SAR) ₦367.24
SOUTH AFRICAN RAND (ZAR) ₦84. 08
The Nigerian naira continued its recent slide against the US dollar, hitting N1,405 per dollar in the parallel (black) market amid ongoing demand pressures and supply constraints in the foreign exchange market.
According to traders and market sources, the local currency weakened from around N1,400–N1,410 levels in recent sessions, reflecting persistent challenges in the forex ecosystem. In contrast, the official Nigerian Foreign Exchange Market (NFEM) rate, managed by the Central Bank of Nigeria (CBN), stood firmer at approximately N1,368–N1,370 per dollar.
This development widens the gap between the official and parallel markets, raising concerns among analysts about liquidity, speculative activities, and the impact on importers and businesses reliant on dollar transactions.
The depreciation comes as Nigeria grapples with balancing foreign exchange inflows, including remittances and oil revenues, against high demand for imports, debt servicing, and other obligations. Market watchers attribute the pressure partly to seasonal factors and limited dollar availability at official windows, pushing more transactions toward the parallel market.
The CBN has been intervening through various measures to stabilize the naira, including boosting liquidity and tightening monetary policy. However, the parallel market remains sensitive to real-time supply and demand dynamics.
Economists warn that sustained volatility could fuel inflation and affect consumer prices, particularly for imported goods. Stakeholders are calling for stronger policy coordination to narrow the official-parallel rate disparity and restore greater confidence in the forex regime.
Further updates will depend on upcoming CBN interventions and inflows in the days ahead.
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