Forex
Nigeria’s Move $26 Billion Through Binance in One Year
Following the decision of the Central Bank of Nigeria (CBN) to raise the interest rate by 400 basis points to 22.75%, the Governor of the apex bank Olayemi Cardoso has heaped the blame on activity of Nigerian on Binance.
According to the governor, Nigerians traded and moved $26 billion through Binance in the last year.
“In the case of Binance, in the last year alone, $26 billion has flowed through Binance Nigeria from sources and users that we cannot adequately identify,” he stated.
Cardoso highlighted that this activity has contributed to the nation’s widening foreign exchange rate and subsequently affected Nigeria’s economy.
He assured that the CBN would address all pending verified forex requests and emphasized the bank’s commitment to safeguarding investors’ interests.
Cardoso mentioned that the CBN is collaborating closely with relevant government agencies to prevent market manipulation and optimize its performance.