Illicit Flows: $26bn Passed Through Binance Nigeria In One Year – CBN


The Central Bank of Nigeria (CBN) governor Yemi Cardoso says over $26 billion in illicit flows has passed through the crypto platform Binance in the last year.

Cardoso said this on Tuesday 27 February 2024 after the MPC meeting in Abuja.

“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he told reporters in his first MPC meeting since assuming office as the CBN governor.

The CBN also raised the country’s Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent.

The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.


With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.

Cardoso who chairs the MPC also said the Cash Reserve Ratio(CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.

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