The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso has said about $26 billion was moved by unknown sources through Binance Nigeria in one year.

Cardoso stated this on Tuesday after the MPC meeting in Abuja.

Binance is an online exchange where users can trade cryptocurrencies.

“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” Cardoso told journalists after the MPC meetings in Abuja on Tuesday. 

The CBN boss stated that the apex bank was ready to make some aggressive regulations to strengthen the economy, including clamping down on crypto exchanges — including Binance.

The Securities and Exchange Commission (SEC), had in June 2023, declared the operation of Binance Nigeria Limited, a subsidiary of Binance, as illegal.

The view was affirmed by the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, who called for a ban on Binance and other crypto platforms operating in Nigeria to curb foreign exchange (FX) rate distortions.

Expressing concern on the issue, Cardoso said the apex bank is collaborating with the SEC to ensure there is no manipulation in the FX market.

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

“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.”