$26bn Passed Through Binance Nigeria In One Year, Says Cardoso

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

Speaking on Tuesday after the MPC meeting in Abuja, he said the money came from sources and users the apex bank cannot adequately identify. 

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

READ ALSO: Police Promise To Protect Labour Unions Nationwide

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.