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Exposed! How Cash Cartels are Conspiring to Kill the Naira
A lethal gang of unscrupulous expatriates; some Deposit Money Banks (DMBs; and Bureau de Changes (BDCs) have all conspired to ensure that the Central Bank of Nigeria (CBN) fails to salvage the dwindling value of the naira.
The expatriates, (mainly from Asia and Far East) in the gang otherwise referred to as cash cartel or Naira cartel; buy up the US dollar allocated to BDCs weekly for subsequent sale to end users at the end of CBN’s foreign exchange market, the Retail Dutch Auction System (RDAS) on Wednesdays.
Daily Sun captured it more concisely when it said that the practice has been going on since the reintroduction of RDAS as the banking halls of most DMBs in urban areas, especially Lagos and Abuja, have unfortunately been turned into the market place of this illegal brisk business.
It was observed that as early as 2pm every Wednesday, these scavengers would literally take over the banking halls of DMBS, awaiting the end of RDAS when CBN is expected to credit the accounts of their BDCs partners.
Once the accounts of these BDCs in DMBs are credited, the expatriates who are already armed with wads of crisp naira notes exchange the national currency inside the banking halls at a wide margin and the deal is automatically consummated within minutes.
Daily Sun also learnt that the increasing attack on the naira was further worsened as the end users, waiting to buy from BDC’s offices would have little or none for their genuine economic transactions.
According to informed sources, the activities of these economic saboteurs, which are detrimental to the nation’s economy explains why some forex users often desperately pay higher to get the needed hard currency.
A BDC operator who spoke on condition of anonymity said the expatriates merely buy off the dollar for ease of repatriation, as if the purpose was to deplete Nigeria’s foreign earnings.
Despite the apex bank’s deployment of monetary policy measures to reduce the pressure on the naira and stem creeping core inflation, the nation’s currency has continued to lose value against the US dollar.
However, despite CBN’s intervention at last week’s RDAs window when it offered a total of $400 million and sold $394.6 million to 20 DMBs at N155.74/$, the naira still exchanged N164.90/$ at the inter-bank.
The development was seen by market observers as disturbing as the naira has dropped 2.8 per cent against the dollar on the inter-bank since 2013 despite the Monetary Policy Committee’s (MPCs) decision to retain the Monetary Policy Rate (MPR) at 12 per cent, Cash Reserve Ratio (CRR) on public sector funds at 75 per cent while raising CRR on private sector deposits to 15 per cent.
Analysts insist that the tightening position has not substantially impacted on the nation’s foreign reserves, which currently stands at less than $38 billion and only capable of taking care of about nine months of import.

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E-Business
Nigeria Hit by 24.1m Data Breaches – Surfshark

Surfshark, a Netherlands-based cybersecurity firm, has reported that Nigeria recorded about 24.1 million compromised user accounts since 2004, making it the third most affected country in Sub-Saharan Africa.

The report, which analysed global data breach trends for the first quarter of 2026, showed that Nigeria recorded 281,500 leaked accounts between January and March 2026, ranking the country as the 34th most breached nation globally during the period.
Globally, the report revealed that 210.3 million accounts were breached in the first quarter of 2026, representing a sharp increase compared to previous periods.
The United States accounted for 29 per cent of all reported breaches worldwide, followed by France, India, Brazil and the United Kingdom.
According to the report, cyber threats targeting Nigerian users have continued to intensify over the years, exposing millions of individuals to risks such as identity theft, account hijacking, extortion and financial fraud.
Surfshark disclosed that about 7.5 million unique email addresses linked to Nigerian users have been exposed since 2004, while approximately 13 million passwords were leaked alongside compromised accounts.
The report noted that more than half of breached Nigerian users remain vulnerable to cyber-related crimes.
“Statistically, 10 out of 100 Nigerian people have been affected by data breaches,” the report stated.
Further analysis showed that leaked data linked to Nigerian users included highly sensitive information such as Social Security-related records, payment card details, residential addresses, and personal contact information.
According to the report, about 3,900 Social Security-related records and 1,600 payment card details were exposed, alongside 1.9 million phone numbers and more than 925,000 residential addresses.
The cybersecurity firm warned that the growing scale of data exposure reflects increasing vulnerabilities in the global digital ecosystem as businesses accelerate the adoption of artificial intelligence technologies.
Commenting on the trend, Tomas Stamulis, chief security officer, Surfshark, said the rapid integration of AI systems by companies has significantly expanded the volume of user data being collected and stored.
According to him, businesses are increasingly relying on AI-driven tools for automation, analytics and operational efficiency, leading to the accumulation of larger datasets that could become attractive targets for cybercriminals.
The report cited industry statistics indicating that 20.2 per cent of companies used AI technologies in 2025, up from 8.7 per cent in 2023.
“These AI-driven systems collect and log more detailed user information for automation, analytics, and model improvement,” Stamulis said.
He added that while artificial intelligence improves productivity and operational efficiency, it also increases the number of systems organisations must secure, thereby creating additional opportunities for cyberattacks and data leaks.
Stamulis further warned that compromised personal information often retains value for cybercriminals long after passwords or email credentials have been changed.
According to him, hackers frequently combine old and newly leaked information into so-called “combo lists,” which are repeatedly traded or deployed for fraudulent activities and identity theft schemes.
He advised internet users to minimise the amount of sensitive personal information shared online, use alternative email identities or masking services where possible, and provide confidential information only when necessary.
The report also showed that global breached accounts in the first quarter of 2026 tripled compared to the corresponding period of 2025 and rose by 22 per cent relative to the fourth quarter of 2025, underscoring the growing sophistication and frequency of cyberattacks worldwide.
Telecom
GSMA Urges Import Duties Exemption for Smartphones

Global System for Mobile Communications Association (GSMA) has urged African governments to recognise telecommunications as a core economic pillar and implement specific tax reforms that could dramatically accelerate digital inclusion across the continent.

Mr. Daddy Mukadi, chair of GSMA Africa’s Policy Group, proposed a two-to-three-year exemption on import duties and taxes for entry-level smartphones priced between $40 and $150 to help bridge the usage gap.
He also called for the removal of entry duties on telecommunications equipment for at least three years to support the expansion of network coverage.
“These measures would help deliver inclusive and sustainable digital technology for economic and social progress. They would also support faster connectivity, improved access and the ability to connect more people, businesses and communities to the digital economy,” he said.
Mukadi who is also the chief regulatory officer of Airtel Africa, spoke at the first edition of the États Généraux du Secteur des Postes et Télécommunications in Kinshasa, DRC, an event convened to support the development of a strategic roadmap for the country’s digital and telecommunications sector and attended President Félix Tshisekedi.
He urged government and industry stakeholders to rethink the role of telecommunications in national development, arguing that it should be framed not as a sector specific concern, but as a continent-wide imperative.
“The telecoms sector can no longer be considered merely as a support sector. It is now a core sector. Both are vital, and every other sector, from security and finance to transport and health, depends on digital technology for growth,” Mukadi said.
His remarks come at a critical moment for Africa’s digital economy. According to the GSMA’s Mobile Economy Africa 2025 report, the mobile sector contributed $220 billion to the continent’s economy in 2024.
This is equivalent to 7.7per cent of GDP and is projected to reach $270 billion by 2030. Yet despite mobile networks now covering 95per cent of Africa’s population, nearly 75per cent of people across the continent remain offline.
The GSMA identifies this gap as Africa’s greatest connectivity challenge, driven above all by the unaffordability of devices.
Mukadi therefore called for strategic adjustments to public policy, as well as legal and regulatory frameworks, to support wider access to digital services. He said the telecommunications sector should be treated as a foundational pillar of economic development, with stakeholders working together to accelerate investment, expand coverage and close the usage gap across the continent.
The Chief Regulatory Officer of Airtel Africa also highlighted key barriers to digital inclusion, including the affordability of smartphones and the impact of import duties on telecommunications infrastructure.
He added that government and the private sector must work closely to create a regulatory environment that encourages innovation, protects consumer interests and supports long-term investment.
E-Business
NITDA Warns of AI-Powered DeepLoad Malware Targeting Banks, Govt Agencies

National Information Technology Development Agency (NITDA), has raised alarm over a new artificial intelligence-powered malware known as “DeepLoad,” warning that the cyber threat is actively targeting Nigerian government agencies, financial institutions, businesses and individuals.

The agency disclosed this in a critical advisory issued through its Computer Emergency Readiness and Response Team (CERRT.NG) and shared via its official X account.
The warning comes amid a growing wave of cyber-attacks targeting Nigerian organisations, including private institutions such as banks and government agencies like the Corporate Affairs Commission (CAC).
According to NITDA, DeepLoad is an AI-enhanced malware strain designed to infiltrate systems, steal sensitive information and evade conventional antivirus detection systems.
“The malware is distributed through a social engineering technique involving fake website error,” the advisory stated.
NITDA explained that the malware spreads through deceptive website prompts that trick users into executing malicious commands on their computers.
“Once executed, DeepLoad silently installs itself, harvests stored credentials and sensitive data from major browsers, and leverages artificial intelligence to evade antivirus detection,” the agency said.
The agency further warned that one of the most dangerous features of the malware is its ability to remain active even after attempted removal.
“Critically, the malware incorporates a hidden WMI-based persistence mechanism capable of reactivating the infection up to three days after apparent removal,” it stated.
NITDA stressed that the severity of the threat requires immediate action from both organisations and individuals across the country.
“Given its severity and confirmed active targeting of Nigerian entities, all organizations and individuals must implement the protective measures outlined in this advisory immediately,” the agency added.
The agency warned that individuals, government institutions, businesses, large organisations and small enterprises are all vulnerable to the rapidly evolving cyber threat posed by DeepLoad.
According to NITDA, a successful DeepLoad infection could grant cybercriminals unauthorised access to bank accounts, mobile money services and payment cards, while also enabling the theft of passwords, documents and sensitive personal information stored on web browsers.
The agency warned that the stolen information could be exploited for identity fraud, allowing criminals to impersonate victims for financial gain.
For organisations, NITDA said infections could trigger operational disruptions requiring complete system isolation and remediation procedures. It added that attacks on government systems could compromise classified networks and pose broader national security risks.
To prevent infections, NITDA advised Nigerians never to paste commands from websites into their computers, noting that legitimate software providers do not request such actions.
The agency also cautioned users against opening suspicious files such as “Chrome Setup” or “Firefox Installer” from USB drives and advised that all external storage devices be scanned with antivirus software before use.
NITDA further recommended enabling two-factor authentication on important accounts and avoiding the storage of banking passwords directly on web browsers.
For organisations, the agency urged companies to immediately sensitise staff about the DeepLoad threat, enable PowerShell Script Block Logging across Windows systems and review browser extensions for unauthorised installations.
The advisory also recommended blocking malicious domains, including holiday-updateservice[.]com, forest-entity[.]cc and hell1-kitty[.]cc, at firewall and DNS levels.
Additionally, organisations were advised to check for hidden WMI Event Subscriptions that could allow the malware to survive standard cleanup procedures.
NITDA said institutions that suspect infections should immediately disconnect affected systems from the internet, change all passwords from clean devices, isolate compromised systems, activate incident response teams and report incidents to the agency within 72 hours as required by law.
The latest warning has added to growing concerns over cyber attacks targeting Nigeria’s financial and digital infrastructure in recent months.
In April, the Nigeria Data Protection Commission (NDPC) warned about coordinated cyber threats targeting Nigeria’s financial systems and critical digital infrastructure, urging organisations to strengthen their data protection architecture.
The warning also followed the commission’s announcement of an investigation into an alleged data breach involving Remita Payment Services, Sterling Bank and other entities.
Similarly, the Corporate Affairs Commission (CAC) temporarily shut down its website between April 17 and April 20, 2026, following reports that about 25 million documents may have been exfiltrated during a suspected cyber attack.
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