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Forex Crisis: $26 billion passed through Binance Nigeria in one year- Cardoso

Nigeria’s Central Bank Governor, Olayemi Cardoso has stated that about $26 billion has passed through Binance Nigeria.

He took this question in response to the activities of cryptocurrency platforms like Binance especially how the apex bank thought about balancing currency manipulation and not stifling innovation.

In response, Cardoso said that because the CBN has a responsibility to protect Nigerians, (and numerous investors) it has been collaborating with other arms of the government to confirm some of their fears.

Cardoso also stated that a lot is going on among agencies such as EFCC, the Policy, and the office of the NSA to address the issue stating that in due course they will have more information to share.

He also stated that they are “determined” to do anything it takes to take charge of their market and not allow others to “manipulate our market in a way that ends up distortionary and sub-optimizes for all Nigerians”, which he said will not be accepted.

He also stated that they will do their best to ensure the “infractions” do not take place.

Central Bank officials had fingered the Binance Platform as a major tool for speculating against the naira and promised to clamp down on its usage.

The company also distances itself from the forex debacle in Nigeria saying its platform is “market-driven and not intended to be a proxy for currency pricing in Nigeria.”

 

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