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HomeFinance$2.6bn Passed Through Nigeria Binance in One Year - CBN Governor

$2.6bn Passed Through Nigeria Binance in One Year – CBN Governor

 

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), disclosed that an alarming $26 billion has been traced to undisclosed sources moving through Binance Nigeria over the span of a year. Cardoso emphasized the imperative for stringent regulations to fortify the nation’s economy, reaffirming the CBN’s commitment to curbing crypto exchanges, including Binance.

The Securities and Exchange Commission (SEC) had previously declared the operations of Binance Nigeria Limited illegal in June 2023, a sentiment echoed by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, who advocated for banning Binance and other crypto platforms to mitigate foreign exchange (FX) rate distortions.

Cardoso underscored the collaborative efforts between the CBN and the SEC to prevent market manipulation, expressing concerns over suspicious financial flows and illicit activities within the FX market. He highlighted ongoing investigations involving various agencies, including the EFCC and the police, to address these challenges effectively.

The CBN, in partnership with the Office of the National Security Adviser (ONSA), recently announced intensified measures to scrutinize and penalize individuals involved in illicit activities within the FX market, reaffirming their commitment to safeguarding the integrity of Nigeria’s financial ecosystem.

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