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Cardoso: Nigerians pushed over $26bn through Binance without trace in one year  

Dr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), says more than $26 billion was funnelled through the cryptocurrency platform, Binance, in the last year.

Dr Olayemi Michael Cardoso, governor of the Central Bank of Nigeria (CBN)
Dr Olayemi Michael Cardoso, governor of the Central Bank of Nigeria (CBN)

Abuja, Nigeria

Dr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), says more than $26 billion was funnelled through the cryptocurrency platform, Binance, in the last year.

The CBN governor disclosed this on Tuesday at a press briefing in Abuja after the 293rd meeting of the Monetary Policy Committee (MPC).

Cardoso who responded to questions from journalists on the recent restriction placed on Binance and other cryptocurrency platforms by the CBN, said “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

He said that the apex bank is moving to a very aggressive regulatory environment.

“Tolerance for people who will not abide by the regulations that are coming out is zero.

“People will have to comply with our regulations or face the consequences for not doing so,” he said.

Meanwhile, CBN has also announced a rise in the monetary policy rate (MPR), known as the interest rate, by 400 basis points to 22.75 per cent from 18.5 per cent.

According to the CBN boss, the new interest regime was put in place to control the rising inflation rate in the country.

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