Forex Crisis: Approximately $26 Billion Were Processed Through Binance Nigeria — Cardoso

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says $26 billion passed through Binance Nigeria from unidentified sources in one year. Cardoso disclosed this to journalists on Tuesday after the committee's meeting at the CBN headquarters in Abuja.

According to Olayemi Cardoso, the governor of Nigeria's central bank, roughly $26 billion passed through Binance Nigeria.

He asked this in response to what cryptocurrency exchanges like Binance were doing.

Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), voiced concerns about the transparency of transactions facilitated by Binance Nigeria during the Monetary Policy Committee (MPC) meeting in Abuja.

Cardoso disclosed that over the last four years, an astounding $26 billion has been processed through Binance Nigeria. This raises concerns because it is difficult to sufficiently identify the sources and users of these funds.

Read: Binance Claims Website Issues As Nigeria Blocks Crypto Exchanges

Speaking to the media at his first MPC meeting as the governor of the CBN, Cardoso emphasized the sizeable amount of transactions made through Binance Nigeria and the difficulties in determining the source and destination of these funds.

“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows and best in the case of Binance. In the last one year alone, 26 billion US dollars, have passed through Binance Nigeria, from sources and users we cannot adequately identify.”