Governor of the Central Bank of Nigeria, Olayemi Cardoso, revealed on Tuesday that over the past four years, more than $26 billion has been funneled through the cryptocurrency platform Binance.
This disclosure came during a press briefing following the 293rd meeting of the Monetary Policy Committee held in Abuja.
Binance, established in 2017, stands as a prominent cryptocurrency exchange, with a strong emphasis on altcoin trading.
It facilitates crypto-to-crypto trading across a wide spectrum of over 350 cryptocurrencies and virtual tokens, including popular options like bitcoin, ether, litecoin, dogecoin, and its native coin, BNB.
Responding to inquiries regarding recent restrictions imposed on Binance and other cryptocurrency platforms, the CBN governor emphasized, “In the last four years, more than $26 billion have been funneled through Binance without trace.”
He underscored the central bank’s shift towards a notably stringent regulatory framework.
Related News: CBN Mandates FX Sellers Of $10,000 And Above To Declare Sources
Cardoso stressed, “Tolerance for people who will not abide by the regulations that are coming out is zero.”
He emphasized the imperative for compliance with CBN regulations or facing consequences for non-compliance.
The implementation of restrictions on Binance and other crypto platforms in Nigeria’s cyberspace coincided with a notable appreciation of the Naira against the USD.
Finance and economic analysts anticipate a potential increase in the Monetary Policy Rate (MPR), commonly known as the benchmark interest rate, following the conclusion of the MPC meeting on Tuesday.
The MPC’s two-day session commenced on Monday, shortly after the National Assembly vetted and approved new members of the MPC.
This week’s MPC gathering marks the first meeting since Olayemi Cardoso assumed leadership as the new CBN Governor.
Concerns have arisen over the MPC’s previous failure to convene amid escalating inflation and fluctuations in the naira’s value against the US dollar.
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Reports suggest that in response to these economic challenges, the MPC may consider raising the benchmark interest rate.
