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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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Naira devaluation caused by Crypto users'

    CBN's Godwin Emefiele LM

By Akinola Ajibade

The depreciation of the naira against the dollar is fuelled by the  increase in the number of crypto users, a report on crypto has said. 

Currently, naira sells for between N580 to N590 to a dollar 

In its report, ‘Into The Cryptoverse: Decoding The World Of Crypto Consumers,’ KuCoin, a crypto exchange with over 10 million registered users, thirty three and four hundred million Nigerians are believed to have defy the  order of the Central Bank of Nigeria,( CBN) , as they continue to trade in cryptocurrencies and related transactions 

The report, which was obtained by the News Mirror, said that the decision by Nigerians to continue trading in it is affecting the value of naira and that it would further wesken vthe nation's currency, if not checked 

The report  further said that  crypto population is largely dominated by 18 to 60-year-olds

It said, “According to Google Trends, Nigeria was recorded as the country with the highest number of bitcoin searches globally in early 2021, signaling the growing utility of cryptocurrency in the country.

“The data also pointed out that the country’s youth have been the decisive force behind the surge in bitcoin searches. According to our survey conducted in early 2022, 33.4 million Nigerians, which accounts for 35 per cent of the population aged 18 to 60, currently own or have traded cryptocurrencies over the past six months.

70 per cent of these crypto investors the report said, would likely  increase their cryptocurrency assets soon., while another six per cent of the country’s population are interested in investing in cryptocurrency in the coming 6 months,

According to the crypto exchange, the depreciation of the naira over the last six years has fuelled the increase in the number of crypto users in the nation.

It added, “The Nigerian currency, Naira, has depreciated by more than 209 per cent in the past six years. Some Nigerians recognised the financial opportunity brought by Bitcoin early on.









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