Business

Bitcoin Platform With Over One Million Nigerian Users Shuts Down

Published

3 years ago

April 5, 2023

… Lagos, Ibadan Top List

Peer-to-peer Bitcoin platform, Paxful, with 1.5m users in Nigeria, has announced that it is shutting down its operations.

This was disclosed by the co-founder and Chief Executive Officer, Ray Youssef, in a blog post on Tuesday.

He said, “Today, Paxful will be suspending its marketplace. We are not sure if it will come back.

“This will probably come as a big shock to many. While I cannot share the full story now, I can say that we unfortunately have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”

According to Decrypt, Youssef, during a Twitter Space said that the decision to close the platform was also influenced by a lawsuit brought by a Paxful co-founder who is suing Paxful and Youssef after being “kicked out of the company” over a year ago.

“My co-founder sued the company and sued me. I have a lawsuit over my head right now,” he was quoted as saying on the Twitter Space.

Though he did not name the plaintiff explicitly, Youssef is likely referring to co-founder Artur Schaback, who filed a lawsuit in Delaware Chancery Court against Youssef in January, based on a court docket hosted on CourtConnect.

Although cryptocurrency is banned in Nigeria, the 2020 Geography of Cryptocurrency Report by Chainalysis, ranked Nigeria eighth in crypto adoption and usage among 154 countries included in the study.

Nigerian cities, Lagos and Ibadan, have also been listed as cryptocurrency hubs across the globe by crypto accounting services firm, Recap, which put together a list of the top 50 crypto hubs in 2022.

Nigerian cities made it to number 14 (Lagos) and 24 (Ibadan) respectively.

Paxful is credited with pioneering the use of peer-to-peer technology in the country, thus helping to expand the crypto industry in Nigeria.

In an interview with Business Africa Insider in 2022, Paxful’s CEO said that Nigeria is the firm’s largest market, with 1.5 million users and over $1.5 billion volume to date (since 2015).

The Central Bank of Nigeria banned cryptocurrencies and transactions related to them in 2021. CBN claimed that cryptocurrencies are being used for illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.
PUNCH

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

5 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

3 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.