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Crypto exchange Binance helped to facilitate potential illicit flow of $26 billion in funds from Nigeria through its platform in just one year.
This was disclosed by new Central Bank Governor Olayemi Cardoso at a media briefing following a 2-day monetary policy committee (MPC) meeting.
“We have a responsibility to protect Nigerians and are concerned about illicit flows. In 1 year $26 billion passed through Binance Nigeria from people we cannot identify,” Cardoso said.
“We will not allow our FX markets to be manipulated.”
The naira has lost around 70% of its value against the dollar since the currency’s widely-criticized peg was relaxed in June.
A presidential spokesman last week accused crypto trading platform Binance of manipulating the naira, posting on X that reports it had been blocked were correct.
Binance on Thursday confirmed that some users in Nigeria were experiencing issues accessing its website.
The cost of a USDT token in naira on the Binance platform is used by many young Nigerians as a proxy for naira’s exchange rate against the dollar.
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