CBN Governor Raises Concern Over Amount Passing Through Binance Nigeria

Nigeria’s Central Bank Governor, Olayemi Cardoso, has raised concerns over the significant amount of money passed through Binance Nigeria, amounting to approximately $26 billion in the last year alone. This disclosure comes amidst scrutiny of cryptocurrency platforms like Binance and efforts by the apex bank to balance currency stability and innovation.

Cardoso emphasised the CBN’s responsibility to safeguard Nigerians and investors, highlighting ongoing collaborations with other government agencies to address suspicious illicit financial flows. He underscored the need to identify the sources and users behind these transactions, noting concerns about potential market manipulation.

Acknowledging the efforts of agencies such as the EFCC, the Police, and the office of the NSA, Cardoso expressed determination to assert control over the market and prevent distortions that could negatively impact Nigerians. He assured that measures would be taken to avoid such infractions and promised further updates as investigations progress.

Previously, CBN officials had singled out Binance as a tool for speculating against the naira, vowing to crack down on its usage. In response, Binance announced adjustments to trading activities by Nigerians to address unusual currency movements. Despite user complaints about restrictions on buying and selling USDT, Binance reiterated its commitment to a market-driven approach, distancing itself from currency pricing issues in Nigeria.

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Ikenna Churchill

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