Economy
Ardoino Advises Crypto Newbies on Safety, Risks
By Adedapo Adesanya
The Chief Technology Officer (CTO) of top cryptocurrency company, Bitfinex, Mr Paolo Ardoino, has warned that as the adoption of the technology continues to grow rapidly, it is important for crypto newbies to take into account some risks prevalent within the ecosystem.
In 2021, global crypto ownership rates reached an average of 3.9 per cent, with over 300 million crypto users worldwide, according to data from TripleA, a global cryptocurrency payment gateway.
In a chat with Business Post, Mr Ardoino explained why it is critical to take security into account, saying, “Check if an exchange has had any previous incidents and how these incidents were resolved. Also, be sure to check what the recourse is for you if the funds in your wallet have been compromised.”
“It is also helpful to check the liquidity of the exchange and possible issues faced in the past or ongoing with regard to liquidity. Very closely aligned to this is to check if the platform has a verification or Know Your Customer (KYC) process – which serves to protect against fraudulent account creation by verifying those account holders are who they say they are,” he added.
Mr Ardoino also warned that cyber scammers are always looking for new ways to commit fraud.
“Scammers are increasing in their sophistication. One example is crypto-jacking – where hackers implant a piece of software that mines cryptocurrencies on a victim’s computer – further demonstrating that the ingenuity of cyber crooks should never be underestimated.
“Unsuspecting victims are left perplexed as their devices slow down to a snail’s pace, unaware of the criminal activity and where it emanates from. Whether you are a retail user or a business, you need to remain in a perpetual state of vigilance to guard against such threats,” he disclosed.
To prevent this, he advised newbies to “keep your account safe and look at combining password protection and basic anti-phishing controls, which may add resiliency to crypto-jacking attempts.”
“It may seem obvious, but users need to check the jurisdiction that the exchange operates in and whether they are able to make use of it last but not least, trading fees and spot prices are used during swaps/trades.
“These can sometimes be overlooked, however, certain exchanges claim to have zero fees, but when using their swap/trading functions, you realize that the spot price used in the trades is a few percentage points higher than other exchanges,” he added.
He also put forward how greenhorns in the ecosystem can securely use Bitcoin and cryptocurrency holdings.
“This should be done in cold storage using a ledger or similar hard wallet device. Do your research, and understand the basics and how exchanges and wallets work.
“Understand the larger environment and the impact it may have on the industry as a whole.
“Do your best to ensure that you know the risks associated with the market, including understanding what’s happening in traditional markets and securing your wallet. There is no such thing as too much security,” he quipped.
By Adedapo Adesanya
Dangote Refinery will begin to export premium motor spirit (PMS), also known as petrol, with the first destination bound for Asia this month.
According to Reuters, a 90,000 metric ton cargo of petrol from the refinery will be sold out of the region for the first time and bound for the Asian continent, without specifying which country.
Citing a source, Mercuria – a Switzerland-based global commodity trading firm – is due to load the cargo on June 22
This development will change the export strategy of the 650,000 barrels per day refinery which started exporting petrol last year. However, the cargoes have stayed in West Africa.
The Asia route also points to the fact that the $20 billion Dangote refinery is growing and can take upon the global market as a petrol supplier.
It also indicates the company’s confidence that production is now stable enough to meet Nigeria’s domestic needs and also export beyond the African region.
“We sell our products to those who are willing to give us the highest price. It’s the buyer’s right to take the products to any destination of their choice,” a spokesperson for the Dangote refinery said to the publication.
Even at home, the refinery is making moves as it announced plans to begin nationwide distribution of petrol and diesel from August 15, 2025 with a targeted customers including marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country.
The company is deploying 4,000 brand-new Compressed Natural Gas-powered tankers to boost delivery capacity and improve access to fuel across the country.
The offer, according to a statement released on Sunday, is open to marketers, petrol station dealers, manufacturers, telecoms operators, aviation firms, and other large-scale fuel users.
The firm also disclosed plans to support distribution through the establishment of daughter booster CNG stations and a dedicated fleet of over 100 gas-powered tankers. It noted that the logistics support, including free product delivery, was designed to eliminate distribution bottlenecks and bring down operational costs in key sectors of the Nigerian economy.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 1.00 per cent on Tuesday, June 17 after four stocks ended in green territory.
Central Securities Clearing System (CSCS) Plc gained N2.90 to close at N31.90 per share compared with the previous day’s N29.00 per share, FrieslandCampina Wamco Nigeria Plc improved its value by N2.81 to settle at N71.31 per unit compared with Monday’s price of N68.50 per unit, Air Liquide Plc appreciated by 89 Kobo to end at N9.97 per share versus the N9.08 per share it was sold a day earlier, and UBN Property Plc added 6 Kobo to its value to finish at N2.24 per unit, in contrast to the preceding day’s N2.18 per unit.
As a result, the market capitalisation of the platform rose by N19.42 billion to N1.967 trillion from N1.947 trillion and the NASD Unlisted Security Index (NSI) increased by 33.17 points to 3,359.50 points from the previous session’s 3,326.33 points.
Yesterday, the volume of securities jumped by 33.3 per cent to 639,427 units from the 479,638 units traded in the previous trading day, the value of securities went up by 8.3 per cent to N23.6 million from N21.8 million, and the number of deals declined by 5.4 per cent to 35 deals from 37 deals.
At the close of business, Impresit Bakolori Plc remained the most traded stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 268.4 million units valued at N475.7 million.
Also, Okitipupa Plc was the most active stock by value on a year-to-date basis with the sale of 153.7 million units for N4.9 billion, trailed by Air Liquide Plc with 507.2 million units traded for N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with a turnover of 39.5 million units valued at N1.6 billion.
By Adedapo Adesanya
The Naira appreciated against the United States Dollar by N0.59 per cent or N9.28 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment on Tuesday, June 17 to N1,545.29/$1 from the previous day’s value of N1,554.57/$1.
Also, the Naira gained against the Pound Sterling in the spot market during the session by N6.54 to sell for N2,094.92/£1 versus the preceding day’s N2,101.46/£1 and strengthened against the Euro by N5.59 to trade at N1,786.33/€1, in contrast to Monday’s value of N1,791.92/€1.
Similarly, the Nigerian currency improved its value on the greenback in the parallel market yesterday by N5 to quote at N1,585/$1 compared with the N1,590/$1 it was traded a day earlier.
It was observed that the domestic currency has started to regain its feet in the forex market segments because of the cooling inflation.
Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025, according to the National Bureau of Statistics (NBS), compared with the 23.71 per cent it recorded in April 2025.
This development will support sustained investor confidence and market optimism boosted by offshore FX inflows as well as boosting local production, easing FX pressure, and strengthening non-oil exports over the last few months.
Also, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, assured that the federal government was committed to deepening alignment of Nigeria’s fiscal and monetary policies to stimulate economic growth following discussions with the Governor of the Central Bank of Governor (CBN), Mr Yemi Cardoso.
Meanwhile, the cryptocurrency market turned red on Tuesday, triggered by military escalation between Israel and Iran. This kept traders cautious especially as President Donald Trump threatened Iran’s supreme leader amid the Middle East clash.
Solana (SOL) fell by 3.8 per cent to $147.14, Ripple (XRP) lost 3.5 per cent to trade at $2.15, Cardano (ADA) went down by 2.8 per cent to $0.6142, and Ethereum (ETH) fell by 2.3 per cent to $2,524.69.
Further, Bitcoin (BTC) declined by 1.8 per cent to $105,001.59, Dogecoin (DOGE) slumped by 1.8 per cent to sell at $0.1704, Litecoin (LTC) depreciated by 1.6 per cent to $84.94, and Binance Coin (BNB) slid by 0.9 per cent to $651.63, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology5 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN