The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, sparked concern on Tuesday by revealing that over $26 billion flowed through the cryptocurrency platform Binance in the past year.
Cardoso disclosed this information during a press conference following the 293rd meeting of the Monetary Policy Committee. He stated that more than $26 billion was channeled through Binance “in the last one year.”
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While responding to journalists’ questions regarding the recent restrictions placed on Binance and other cryptocurrency platforms, Cardoso expressed concern about the “lack of trace” associated with these transactions.
Context and Analysis:
Cardoso’s statement highlights the growing prominence of cryptocurrency transactions in Nigeria and raises concerns about potential financial risks associated with such activities. The lack of transparency surrounding these transactions, particularly the “absence of trace,” as mentioned by the governor, raises questions about potential money laundering and other illicit activities.
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