Crypto exchanges have been suspected of destabilizing the Nigerian naira fiat, but the country’s top central banker said Binance moved billions from unidentified users in 2023.
Binance is facing more scrutiny in Nigeria, the governor of the Central Bank of Nigeria (CBN) told reporters on Feb. 27 about “suspicious flows” of funds through Binance Nigeria in 2023. The country’s Securities and Exchange Commission and other government agencies are already eying the crypto currency exchange with suspicion.
CBN head Olayemi Cardoso said crypto exchanges in Nigeria are under suspicion. “We are concerned that certain practices go on that indicate illicit flows going through a number of these entities, suspicious flows at best,” he told the local press on Feb. 27. He said:
“There’s a lot that is going on now as a result of collaboration between the different agencies, which includes EFCC [Economic and Financial Crimes Commission], the police, and of course, the office of the NSA [National Security Adviser],” he added.
