CBN gov Cardoso vows crackdown on illicit funds via Binance

Alex Omenye
Alex Omenye

The Governor of the Central Bank, Yemi Cardoso, has restated the government’s determination to monitor and put a stop to the illicit flow of funds impacting the economy through various entities.

Addressing the Monetary Policy Committee meeting, Cardoso mentioned that the CBN is collaborating with the National Security Adviser and other security agencies to trace the flow of funds on platforms like Binance.

“In the case of Binance, in the last one year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” Olayemi Cardoso stated during the Tuesday meeting.

This declaration follows the recent government action to block cryptocurrency platforms such as Binance, alleging their involvement in manipulating and sabotaging the Nigerian economy. The ban was imposed after NSA Mallam Nuhu Ribadu instructed security operatives to conduct raids on Bureau De Change operators in the country.

On Tuesday, the CBN also approved the implementation of the first increase in its benchmark interest rate, the Monetary Policy Rate, in eight months, setting it at 22.75 percent.

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