Table of Contents
Central Bank of Nigeria (CBN) Governor Yemi Cardoso revealed that more than $26 billion in illicit flows has transpired through the cryptocurrency platform Binance in the past year.
Cardoso expressed his concerns about certain practices that indicate illicit flows through various entities, citing Binance as an example where $26 billion passed through Binance Nigeria in the last year from unidentified sources and users.
Join our Telegram Channel for Updates
Cardoso shared this information after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, marking his first MPC meeting since assuming the role of CBN governor.
During the meeting, the CBN increased the country’s Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 18.75 percent. The decision to raise the MPR, which had remained at 18.75 percent since the previous MPC meeting in July 2023, is part of efforts to address the country’s high inflation rate, currently at 29.90 percent.
Chairing the MPC, Cardoso also announced an increase in the Cash Reserve Ratio (CRR) to forty-five percent while leaving the liquidity ratio unchanged at thirty percent.
Nigeria has faced economic challenges in recent months, and Cardoso clarified that he and his team are not responsible for those issues but are actively working to address and improve the situation. He emphasized the importance of restoring confidence in the business environment for economic progress.
