During a press briefing following the 293rd meeting of the Monetary Policy Committee in Abuja on Tuesday, Governor of the Central Bank of Nigeria, Olayemi Cardoso, revealed that over the past four years, more than $26 billion has been transacted through the cryptocurrency platform Binance.
Founded in 2017, Binance is a prominent cryptocurrency exchange known for its emphasis on altcoin trading, offering trading services for over 350 cryptocurrencies and virtual tokens, including popular options like bitcoin, ether, litecoin, and its own BNB coin.
Responding to inquiries from journalists regarding recent restrictions on Binance and other cryptocurrency platforms, Governor Cardoso emphasized, “In the last four years, more than $26 billion have been funneled through Binance without trace.”
He further stated the Central Bank’s commitment to implementing robust regulatory measures, signaling a shift towards a more stringent regulatory landscape.
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Governor Cardoso stressed a zero-tolerance policy for non-compliance with forthcoming regulations, asserting that individuals and entities must adhere to regulatory frameworks or face consequences.
Following the restrictions on Binance and other crypto platforms in Nigeria’s cyberspace, the Naira showed signs of appreciation against the USD.
Finance and economic analysts anticipate that at the conclusion of Tuesday’s meeting, the Monetary Policy Committee of the Central Bank of Nigeria may consider raising the benchmark interest rate, known as the Monetary Policy Rate (MPR).
The MPC convened for its two-day meeting on Monday, shortly after the National Assembly screened and approved new members of the committee.
This week’s MPC gathering marked the first meeting under the leadership of the new CBN Governor, Olayemi Cardoso.
Amid concerns over inflation and currency volatility against the US dollar, there are speculations that the MPC might opt for an increase in the benchmark interest rate.