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Newspaper Headlines: FG plans strict rules for $57bn crypto market

Ayodeji.oluwafemi@thecable.ng'byAyodele Oluwafemi
May 5, 2024 7:45 am

Reports on the government’s plans to strengthen the naira dominated the front pages of Nigerian newspapers.

The Punch reports that the federal government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday. The newspaper says marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria have summoned an emergency meeting for Monday over the lingering petrol scarcity.
Daily Trust reports that President Bola Tinubu has yet to return to the country after attending the World Economic Forum’s special meeting in Riyadh, Saudi Arabia, which ended on Monday, April 29. The newspaper says Dikko Radda, governor of Katsina, said bandits are recruiting youths for as low as N500.
The Nation reports that Muhammad Abubakar, the Sultan of Sokoto, has urged citizens to pray for the country and its leaders to overcome the problems confronting Nigeria. The Katsina state governor was quoted as saying government and security officials are aiding banditry.
The Guardian reports that the foreign exchange market has defied the intervention of the Central Bank of Nigeria (CBN). The newspaper says Adebayo Adelabu, the minister of power, said the capacity of local manufacturers is not enough to provide the number of electricity metres required to bridge the metering gap in the country.

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