$26bn Pass Through Binance Nigeria Illegally – Cardoso

Olayemi Cardoso,

According to Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), over $26 billion in illegal transactions have gone via the cryptocurrency platform Binance in the past year. After the MPC meeting in Abuja on Tuesday, Cardoso made this statement.

“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,” he told reporters in his first MPC meeting since assuming office as the CBN governor.

Additionally, the Monetary Policy Rate (MPR) of the nation was increased by 400 basis points by the CBN, from 18.75 percent to 22.75 percent. After the most recent MPC meeting, which took place on July 24 and 25, 2023, the MPR was 18.75 percent. He said that the new MPR is a component of efforts to combat the nation’s 29.90% inflation rate.

Cardoso, the MPC chair, said that the liquidity ratio remained at thirty percent but that the cash reserve ratio (CRR) had been increased to forty-five percent. Following the Tuesday, February 27, 2024, MPC meeting in Abuja, CBN Governor Yemi Cardoso informs the media. Cardoso insisted that his team is not to blame for Nigeria’s current economic difficulties.

“I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution,” the former Lagos State Commissioner for Economic Planning and Budget said.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”

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