Connect with us

Economy

In a single year, suspicious $26 billion went through Binance Nigeria – Cardoso

Published

on

CBN Governor Yemi Cardoso

According to Dr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), in less than a year, $26 billion was transferred through Binance Nigeria by unidentified sources.

Following the committee meeting on Tuesday at the CBN headquarters in Abuja, Cardoso informed the media of this.

Users can trade cryptocurrency on the website Binance.

Cardoso reiterated the CBN’s intention to impose strict restrictions in order to boost the economy, and he also emphasized that the CBN was prepared to take action against cryptocurrency exchanges, such as Binance.

In June 2023, the Securities and Exchange Commission (SEC) said the operation of Binance Nigeria Limited, a subsidiary of Binance, was illegal.

Some days ago, the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, shared some reports on X, supporting an act that could be seen as a confirmation of the development.

He had called for a ban on Binance and other crypto platforms operating in Nigeria to curb foreign exchange (FX) rate distortions.

Speaking on the issue, Cardoso said the country’s apex bank is collaborating with the SEC to ensure there is no manipulation in the FX market.

“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities, suspicious flows at best,” Cardoso said.

“In the case of Binance, in the last one year alone, $26bn has passed through Nigeria from sources and users who we cannot adequately identify.

“There’s a lot that is going on now as a result of collaboration between the different agencies which includes EFCC, the police, and of course, the office of the NSA.

See also  Vatican shares first picture of Pope Francis since hospitalization

“And in due course, as we progress and have more information to share, we will certainly share.

“But suffice to say that we are determined to do everything it takes to ensure that we take charge of our market or put it differently to not allow others to manipulate our markets in a way that ends us distortionary and sub-optimises for all Nigerians.”

He added that the apex bank will ensure that this “type of infraction” does not take place.

On February 20, 2024, the CBN and the Office of the National Security Adviser (ONSA) announced a partnership to investigate and penalise those involved in illicit activities within the FX market.


For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest from DDM TV

Latest Updates

The Selectorate: When the People Vote But The Judges Choose

OYC begs Soludo: Save igbo language from extinction

Thunderous Whispers: Poet Laureate—Ugorji Explores 2027 Run

Blue marine alliance slams NIWA over 101 waterway deaths in 2025

Peter Obi swears: I’ll serve only four years

UK under gire for role in Kanu’s detention

Gunmen kill real estate official, dump body after chatting wife with his phone

COPDEM set to inaugurate 3,480 Anambra LGA, ward executives in Nnewi mega rally

Nigeria may not survive if APC retains power in 2027 — El-Rufai

Digital Ambush: Inside the APC’s Multibillion Naira Plot to Silence Dissent Before 2027

Subscribe to DDM Newsletter for Latest News

Get Notifications from DDM News Yes please No thanks