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CBN blames Binance for the Naira Depression

CBN Governor says $26bn from unidentified people passed through Binance Nigeria in the last year.
Ledger Bloc
Nigeria and Binance

First of all, the CBN Governor, Olayemi Cardoso, said that $26 billion dollars went through Binance platform in the past 12 months. He said that these huge amount of dollar passed through unidentified Binance accounts.

He attributed the "illicit and suspicious flows" of dollar through Binance accounts to one of the factors behind Naira depression.

"In the case of Binance, In the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify," Cardoso said at the 293rd Monetary Policy Committee (MPC) Conference that hold on Tuesday 27th, February 2024.

Furthermore, CBN believes that traders use P2P (otherwise known as OTC) marketplace of crypto exchanges like Binance to weaken the Naira. More so, CBN said it blame Binance, specifically, its USDT trading marketplace for the free fail of Naira.

However, in a move to protect and regulate the Naira and prevent FX market manipulations, CBN said it's joined forces with the EFCC, Nigeria Police Force and the Office of the National Security Adviser (NSA) to Corp down individual and businesses ruining crypto accounts that are being used for illegal and fraudlent transactions.

In addition, CBN has also collaborated with the Nigerian Communication Commission (NCC) to instruct all the telecom companies in the country to block crypto firms's servers including Binance. This has restricted Nigerians from accessing most popular crypto platforms.

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