The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has accused Binance, a major cryptocurrencycurrency exchange, of allowing unexplained financial flows that are destabilising the Nigerian economy.
Onanuga, the presidential spokesman, has warned Nigerians to cease utilizing the alternative FX market, warning that if allowed unchecked, Binance “will destroy the economy” by arbitrarily fixing currency rates. Onanuga noted that the CBN is Nigeria’s only lawful exchange rate platform.
Cardoso alleged in comments on February 27th that approximately $26 billion has moved through Binance’s operations in Nigeria over the last year from unnamed sources. He added that the Nigerian Securities and Exchange Commission and other government organizations are investigating Binance and other cryptocurrencycurrency platforms for alleged illegal behavior.
According to Cardoso, the Economic and Financial Crimes Commission, police, and the office of the National Security Adviser are all involved in the investigations. Cryptoflows are being characterized as criminal and sabotage. According to the CBN chief, once exchange rates settle, Nigerian commodity prices would return to normal.
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