Nigeria Central Bank Chief Criticizes Binance, Suspects Arrested For Destabilizing Nigerian Naira Fiat!

Nigerian authorities are making concerted efforts to strengthen the Nigerian naira fiat currency and curb illicit transactions. The country's authorities currently believe that crypto exchanges are responsible for destabilizing the Nigerian Naira fiat. That's because a top official at the central bank claimed Binance transferred billions of dollars from anonymous users last year alone. This exchange site is therefore under suspicion and that is why the top official said that Binance is facing more scrutiny in Nigeria.

The Governor of the Central Bank of Nigeria (CBN) disclosed this information two days ago and claimed that the exchange site had carried out many suspicious transactions last year. The country's Securities and Exchange Commission and other government agencies are already looking at cryptocurrency exchanges with suspicion. Because these exchanges are mainly responsible for completing various types of suspicious transactions.

source

And that's why the country's CBN chief, Olayemi Cardoso, says crypto exchanges in Nigeria are in doubt. Also they claim that there are some exchange sizes through which such illegal activities are done and the authorities of the country are concerned about such illegal transactions, he claimed. Although the country is a crypto friendly country. But currently the country needs to strengthen its current fiat currency, the naira, as well as encourage remittances to the country through this currency and stop illegal transactions.

They are making communication efforts to stop illicit transactions and suspicious transactions in the country while also strengthening their own currency, the fiat naira. Nigerian authorities have even claimed that in the past year alone, the popular crypto exchange Binance has seen around $26 billion in questionable transactions from sources and users that the country's authorities have not been able to adequately identify. Therefore various organizations in the country have announced to work together and will make efforts to stop such suspicious transactions by working together.

The country's authorities said in a report that Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken and other crypto exchanges operating in the country were blocked on the 27th. That was because the Nigerian fiat currency, the naira, hit an all-time low against the US dollar that day. Which is the absolute minimum position for fiat currency. And this matter made the country's authorities think and that's why the country's authorities blocked one of these exchanges. However, the CBN lifted its two-year ban on banks involved in crypto transactions in December. At the same time it has provided some guidelines for regulation of virtual resource service providers.