Nigerian authorities are reportedly seeking $10 billion in penalties from the global cryptocurrency exchange platform Binance, alleging the country has incurred massive losses due to the platform’s activities.

The Nigerian government detained two Binance Holdings Ltd. executives, days after the central bank governor said that the nation is losing out on taxes from unregistered crypto exchanges.

The two were intercepted by national security officers after arriving in the country on the grounds that Binance operates illegally in Nigeria.

Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, made the penalty known Friday morning in an interview with the BBC.

Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses, Mr Onanuga said during the interview, which was monitored in Lagos.

Sources confirmed that Binance is being interrogated on issues bordering on money laundering (worth billions of dollars), currency speculation, tax evasion, operating in Nigeria without a licence and after being banned, terrorism financing and organised crimes, The source ends by saying, “it’s very bad.”

Terrorism and organised crime financing are the crux of the matter, which is why the Office of the Security Adviser requested the data of all users and their transactions.

“They are showing good faith and cooperating with relevant agencies( ONSA, NFIU, EFCC, DSS). They are ready to right their wrongs.

“They already admitted and linked the huge “passed-through funds” to terrorism and organised crime financing, “ the source disclosed.

The federal government has said that the distribution of 42,000 metric tons of grains to vulnerable Nigerians will be flagged off by next week in Niger State.

Niger State Governor, Umar Bago, who disclosed this after a meeting with the Minister of Agriculture and Food Security ahead of the commissioning of the mechanisation program by the President in the state, said the distribution of the grains will be flagged off in the state as the state will be used as pilot state in the North Central so that the distribution can commence in earnest.

The Governor further disclosed that as part of their support to the people, the state has further acquired 120,000 trucks of grains including rice, beans, millet, sorghum, soybeans among others to be distributed freely.

“We have vouched to march there dollar to dollar, if the federal government is giving us N100million, we will also give a 100million. We will continue to farm and we are doing lots of sensitization for our farmers to go back to agriculture including aquaculture, livestock among others.”

On his part, the Minister of Agriculture and Food Security, Senator Abubakar Kyari said that 42,000mt Sorghum, millet, maize and gaari will be distributed across the country.

He further disclosed that the second phase of the dry season farming would also be flagged off next week in Niger state, before extending the commencement to other states.

To ensure transparency, the minister assured that the operation will be very robust as the media, CSOs, religious groups, workers union will all oversee the distribution.

“I can assure you that it is going to be very transparent. When the template is concluded, we are going to declare to everybody where, what and how the distribution will go. Those issues will be addressed. I know a lot of people are worried about what has happened in the past. But we will set up a template for everyone to see,” he stated.

You might be wondering what makes a currency strong. Well, that’s its purchasing power when used to exchange other currencies and for goods and services. In the world today, 180 currencies are officially recognized by the United Nations as legal tender.

Determining the strength of a currency involves both local and international factors in asserting its value. These factors are “supply” and “demand” coupled with the inflation rates, exchange rates, domestic economic growth, and policies enacted by the central or apex banks of respective nations.

I know what’s on your mind. You’re right, the United States dollar is regarded as the most powerful currency in the world and the most traded currency globally. But realistically, it is not the strongest currency in the world.

Another term to consider is currency floating. Sounds strange? When currencies are “floating”, it means the value fluctuates depending on demand and supply. For instance, when the Nigerian Naira weakens against the US dollar, it means Nigerians have to spend more money when opting to buy anything in dollars or traveling to the United States.

In this article, we’ll discuss the strongest currencies with a brief history of each.

10. United States Dollar (USD)

As I mentioned earlier, the United States dollar is the most traded currency globally. It was created in the 1700s as a legal tender in the country and other territories. The United States is the world’s largest economy by Gross Domestic Product (GDP). It is exactly 1 against itself, all other currencies are worth less than a US dollar. Despite all these accolades, the US dollar is No. 10 on the list of strongest currencies in the world as of today.

9. Euro (EUR)

Euro is the next in line in that order, and it’s the official currency of 19 member states of the European Union. It is the second most traded currency in the world and has the second-largest reserve currency. In 1999, the Euro was introduced as a non-cash monetary unit. By January 1, 2002, both currency notes and coins were introduced to participating countries and became the sole currency of the member states from February 28, 2002, of which their respective national currencies ceased being legal tender.

8. Swiss Franc (CHF)

The Swiss Franc is the official currency of Switzerland and Liechtenstein. As one of the strongest currencies in the world, 1 US dollar equals 0.87 Swiss Francs, at the moment. The currency was introduced in May 1850. The zero-inflation policy introduced in the country made the Swiss Franc powerful and a stable currency.

7. Cayman Islands Dollar (KYD)

The Cayman Islands was officially using the Jamaican dollar before the advent of the Cayman Islands Dollar in 1972. The United States 1 dollar equals 0.83 of Cayman’s Island dollar. The currency relies on a fixed exchange rate placed with the United States dollar.

6. Gibraltar Pound (GIP)

The Gibraltar Pound is the official currency of Gibraltar and it is pegged with the British pound sterling. The US one dollar equals 0.78 Gibraltar pounds. The currency was first introduced in 1920 but the right to print notes by Gibraltar began after the repealed Currency Notes Act 1934. The Gibraltar Pounds are denominated in pounds sterling but are not legal tender in the United Kingdom. Regardless, it’s one of the strongest currencies globally.

5. British Pound (GBP)

The British Pound is the official currency of Great Britain. The richness of Britain’s trade activities made the pound hold a significant place in global finance. In the United States, 1 dollar equals 0.78 British pounds. According to the World Bank, Britain is the sixth largest country by Gross Domestic Product (GDP). Pound has undergone many changes over the years. It first appeared in 1489 and started to circulate in England in 1694 after the Bank of England was established but the notes were handwritten.

4. Jordanian Dinar (JOD)

The Jordan Dinar has been the official currency of Jordan since 1950 after it replaced the Palestinian pound. The value of the currency has been reinforced by the exchange rates and economic diversity of Jordan. A dollar equals 0.71 of Jordan Dinar.

3. Omani Rial (OMR)

The Omani Rial was introduced after Oman ceased using the Indian Rupee as its official currency. The currency is the third strongest and most valuable in the world. The US 1 dollar equals Omani’s Rial 0.38. The currency was introduced in the 1970s and it’s tied with the US dollar. Oman is between the United Arab Emirates and Yemen at the tip of the Arabian peninsula

2. Bahraini Dinar (BHD)

Bahraini Dinar is the official currency of Bahrain, an island nation in the Arabian Gulf. The currency is pegged with the US dollar; but exclusive to just Bahrain. It is the second strongest currency in the world; 1 US dollar equals Bahraini’s Dinar 0.38. It entered circulation in 1965

1. Kuwaiti Dinar (KWD)

The Kuwaiti Dinar is the highest-valued currency in the world. The economic stability of Kuwait driven by oil reserves and a tax-free system has made the currency ranked consistently as the world’s most valuable currency. The Kuwaiti Dinar was introduced in 1960, pegged with the British pound in its early days. A dollar is equivalent to 0.31 of Kuwaiti Dinar. Kuwait is in between Saudi Arabia and Iraq. Much of the country’s wealth is from being an exporter of oil.

Tragedy has struck a family of six in a community in Oyo State after they allegedly ate poisoned Amala.

Reports obtained by Naija News revealed that one person died in the tragic incident which happened in the Temidire Atoyebi area along Ajaawa in Ogbomosho.

It was gathered that the family, consisting of a grandmother, Victoria Adewole, her four children and a granddaughter, all ate the poisoned cassava flour used to prepare Amala on Wednesday.

According to The Nation, the family became uncomfortable a few hours after eating the food.

Sources who spoke to the news platform on condition of anonymity disclosed that the family successfully extracted cassava flour from cassava peels, which they ground and prepared as a meal. This was due to their inability to afford yam or cassava flour.

However, their distress call for help after eating the meal prompted their concerned neighbours to rush to their aid and transport them to a private hospital located in the Ogbomoso Baptist High School area.

Tragically, it was reported that the granddaughter passed away during this ordeal.

Subsequently, the victims were transferred to the Ladoke Akintola University of Technology (LAUTECH) Teaching Hospital in Ogbomoso.

It has been learned that medical professionals are currently working tirelessly to save the remaining members of the family.

“One of the children managed to disclose that it was cassava peels that they ground and made into flour, which they prepared as amala since they could not afford to buy yam or cassava flour.

“The complication from the peels, which could have been poisoned or contaminated, resulted in the death of the youngest granddaughter, whose immune system might be very low.

“The mother and her other four children are still battling with life in the hospital. We plead with kind-hearted people to please assist the family in whatever way they can so that fatality is no longer recorded among them,” one of the sources told journalists.

The Chief Medical Director of LAUTECH Teaching Hospital, Prof. Olawale Olakulehin, confirmed the development to newsmen stating that four of the five surviving family members are currently showing positive signs of recovery while undergoing treatment at the hospital.

Regrettably, one of the victims is in critical condition, and unfortunately, another member of the family passed away before reaching LAUTECH Teaching Hospital in Ogbomoso, he noted.

The Commander General of Kano Hisbah Board, Sheikh Aminu Ibrahim Daurawa, has resigned from his appointment.

The head of the Kano Shari’a police tendered his resignation in a short clip posted on his official Facebook page on Friday.

Daurawa’s resignation came less than 24 hours after Governor Abba Kabir Yusuf faulted the new method of operations being deployed by Hisbah against acts of immorality in the state.

While addressing Ulama at the Government House on Thursday, Gov. Yusuf, especially kicked against the mode of invading public places in the name of arresting prostitutes, an act he considered uncivilized.

Governor Yusuf also frowned at Hisbah’s methods of arresting suspects, insisting the board must review its present operations to correct the wrongs in society.

While reacting to Governor Yusuf’s comment, the Daurawa explained that the Hisbah board under his stewardship has embarked on a series of activities to correct the immorality being perpetrated in the society, especially by social media influencers.

According to Sheikh Daurawa, Hisbah has done what he believes was right and under the tenets of Islam. He, however, noted that he would resign his appointment and wished the governor and his administration well.

The Defence Headquarters (DHQ) has warned Yoruba activist, Sunday Adeyemo, also known as Sunday Igboho, not to take action against bandits terrorising the people of the South West without the involvement of the military forces and other security agencies.

Recall that Igboho had on Monday told his supporters not to wait for the government’s intervention before taking steps to fight the Fulani herders who are denying local farmers from accessing their farmland in the Southwest region.

Igboho claimed that the people of Southwest should unite to create a regional security force that protects them from incessant Fulani herders’ attacks on their farmland.

The Yoruba activist stated that he was willing to engage with the federal government to discuss lawful ways to pursue his course.

In an interview with reporters on Thursday, the spokesman for Defence Media Operations, Maj.-Gen. Edward Buba said any action taken by Igboho without the involvement of the security agencies would be considered unconstitutional.

Buba said the military is ready to work with Igboho to flush out killer herdsmen and bandits terrorising farmers and people on the highways in the South West.

He also praised the activist for his boldness and assured him that the military would be willing to work with him if he intended to improve the security situation of the country.

“I have not seen the video where he made that statement, but one thing I must say is that people and communities are always welcome. If what he said is to make the situation better, he is welcomed, but if what he is saying is that we should disregard the armed forces of Nigeria, definitely, he is out of line because that is against Nigeria’s constitution,” he said.

The Independent National Electoral Commission (INEC) has addressed recent criticisms directed at its Chairman, Mahmood Yakubu, urging detractors to engage more constructively.

In an exclusive interview with TheCable, the Chief Press Secretary to the INEC Chairman, Rotimi Oyekanmi, emphasized the need for critics to familiarize themselves with the electoral laws and the commission’s processes before levying accusations.

The response comes in the wake of the first anniversary of the 2023 presidential election on February 25, a date that saw a surge in social media activity, with some Nigerians expressing their displeasure towards Yakubu.

The aggrieved parties accused him of manipulating the election results in favour of the incumbent President, Bola Tinubu.

Oyekanmi, however, defended the integrity of the 2023 elections, describing them as “a huge success and the most painstakingly planned” in the history of Nigeria’s electoral process.

He challenged the notion of electoral fraud and highlighted the commission’s commitment to transparency and fairness throughout the election cycle.

He said, “The Independent National Electoral Commission (INEC) believes that the 2023 general election was a huge success, despite some challenges that the commission had to grapple with.

“It was the most painstakingly planned election and for the most part, our plans were successfully executed.

“Just last Friday, we released the official report of the election, which consisted of 526 pages, organised into 14 chapters and fortified with 60 tables, 14 boxes and 10 graphs. There is a lot to chew in the report.

“And for the first time ever in Nigeria’s electoral history, the 2023 elections unveiled unprecedented political diversity, with four political parties capturing gubernatorial seats, effectively breaking the duopoly that has long dominated the political scene.

“Besides, seven parties won senatorial seats, eight secured federal constituencies and nine were successful in state legislatures.

“While the report emphasises the significant impact of technological advancements on the integrity of the electoral process, especially the Bimodal Voter Accreditation System (BVAS), which reduced electoral fraud and bolstered the credibility of elections, the document also explained the challenges encountered with the INEC result viewing (IReV) portal during the presidential election.

“With the report now in the public domain, we expect stakeholders to interrogate it and offer useful advice on how we can further improve the electoral system.

“As for those persons who embarked on what they described as ‘a day of curses’, my advice is that they should pay adequate attention to substantive issues, make more productive use of their time, and cure themselves of their visible ignorance of the laws governing the electoral system and the commission’s processes and procedures.”

The Ooni of Ife, Oba Adeyeye Ogunwusi, has urged Yoruba monarchs not to abandon the use of supernatural powers to defend themselves and their territories from marauders, warning those disinterested in such powers to step down from their thrones.

Naija News reports that the monarch spoke on Thursday during the inaugural Yoruba Security Summit, which was convened in response to the escalating insecurity in the Southwest and the tragic killings of traditional rulers in Ekiti and Kwara states.

Following the summit’s conclusion, a communique was issued and signed by the Ooni of Ife, together with other monarchs, such as the Deji of Akure, Oba Aladetoyinbo Ogunlade; the Owa-Ajero of Ijero Ekiti, Oba Joseph Adewole; and the Akarigbo of Remo, Oba Babatunde Adewale Ajayi.

The monarchs of the Southwest region agreed to several measures to address insecurity, including organising regional security summits led by Southwest governors and empowering and strengthening the Amotekun Corps with enhanced training, financing, and modern weapons to tackle local security challenges.

They emphasised the importance of traditional values and the roles of Yoruba traditional rulers in combating banditry and kidnapping.

The communique also urged the incorporation of traditional rulers into the national security framework and called for the reinforcement of the judicial process to ensure appropriate punishment for offenders.

The summit concluded with a call for strong support for President Bola Ahmed Tinubu’s administration and emphasised the need for regular Yoruba security summits to address evolving security dynamics.

The communique partly reads, “Yoruba people should take full control of their forests, homelands and farmlands.

“The Yoruba, especially traditional rulers, should make recourse to their natural resources, including natural powers, to combat banditry and kidnapping; that Yoruba Obas should not jettison traditional values.

“Government at all levels should recognise the roles of traditional rulers and factor them into the national security architecture.

“The entire Obas in Yorubaland should work in unison to ward off the evils of banditry and kidnappings, as each of the states can only succeed in chasing the marauders to another state.

“Any Oba who is disinterested in Yoruba culture and custom should abdicate his throne for anyone who is deeply versed and interested in Yoruba traditions.”

Tension engulfed the Igueomo community along the Benin-Agbor Road following a tragic incident where a stray bullet, allegedly fired by police officers, resulted in the death of a man.

The community was thrown into mourning and outrage over the incident, which occurred on Wednesday evening.

The victim, identified as a Hausa man, was reportedly at a Point of Sale (POS) operator’s stand to transfer N4,000 to his wife in his village when the tragedy struck.

According to reports from Daily Trust, the incident unfolded as police were attempting to apprehend some hoodlums in the area. In the ensuing chaos, as the officers chased the suspects and fired shots, a bullet hit the innocent bystander, leading to his immediate death.

Eyewitnesses narrated that the deceased had just completed the transaction and was attempting to flee the volatile scene in search of safety when the stray bullet struck him.

The unexpected loss has sparked widespread condemnation and grief within the community, with many decrying the reckless use of firearms by law enforcement.

In response to the killing, a significant number of youths from the area mobilized and took to the streets, blocking the Benin-Agbor Road in a spontaneous protest.

The demonstrators demanded accountability for the victim’s death and called for immediate action against the involved police officers.

He said, “The irate youths who were armed with sticks and machetes, barricaded the road and ensured that no one have access to the either side of the road. A police vehicle that attempted to pass the road was vandalized.”

According to him, the incident forced many passengers to disembark from buses and trekked to their destinations.

When contacted, the state Police Public Relations Officer, SP Chdi Nwabuzor, who confirmed the incident, said investigation was on to identify those involved in the operation.

In a historic medical feat, a team of Saudi medical professionals has accomplished the separation surgery of Nigerian conjoined twins, Hassana and Husaina, at the King Abdullah Specialist Children’s Hospital in Riyadh.

The directive for this landmark achievement came from Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister.

The intricate procedure, which commenced on Thursday morning, was the result of meticulous planning and execution by a dedicated team of 38 medical experts, including consultants, specialists, technicians, and nursing staff. Lasting approximately 14 hours, the surgery unfolded in nine carefully planned stages, addressing shared areas in the lower abdomen, pelvis, lower spine, and lower spinal nerves of the twins.

The Advisor at the Royal Court, Supervisor General of the King Salman Humanitarian Aid and Relief Center (KSrelief), and head of the medical team, Dr. Abdullah Al Rabeeah, expressed confidence in the success of the procedure, citing a 70% success rate.

“This is a momentous occasion that showcases the Kingdom’s commitment to advancing medical science and providing compassionate healthcare globally,” he said.

The successful separation of Hassana and Husaina marks the 60th operation undertaken by the Saudi program for separating conjoined twins, a program that has provided care for 135 conjoined twins from 25 countries over the past 34 years.

Dr. Al Rabeeah extended heartfelt gratitude and appreciation to the Saudi leadership for their unwavering support of the program.

He said, “The successful separation of Hassana and Husaina exemplifies the Kingdom’s dedication to humanitarian causes and its role as a leader in global healthcare.”

On his part, the Press Attaché at the Saudi embassy in Abuja, Mohammed Alsahabi, commented on the achievement, stating, “This remarkable feat highlights the close collaboration between Saudi Arabia and Nigeria in the field of healthcare. We are proud to have played a part in improving the lives of these twins and their family.”

The separation of Hassana and Husaina signifies not only a medical triumph but also a symbol of hope for countless others facing similar challenges worldwide.