In a recent Monetary Policy Committee (MPC) press conference, Central Bank of Nigeria (CBN) Governor, Yemi S, emphasized the need for strict regulation in the cryptocurrency market, citing concerns over the flow of large sums of money through platforms like Binance Nigeria. The governor revealed that approximately $26 billion had passed through Binance Nigeria, prompting the need for measures to monitor and regulate such transactions.

The announcement comes amidst escalating concerns over the surge in foreign exchange rates, exacerbated by various economic challenges faced by Nigeria. The.....

https://ratecaptain.com/26-billion-for-unidentified-source-passed-through-binance-cardoso/

Oga, those who steal Nigeria's money are government officials. Regulations or not, it will stop nothing.

Once you are rich in Nigeria or in the political class, you are above the law. If not, someone like Buhari should be cooling off in Kuje prison.

Naija and corruption... An unidentified source for now until the source works against those in power.

That's huge. I see why parallel market was always dictating the direction of forex prices.

SoNature:
Oga, those who steal Nigeria's money are government officials. Regulations or not, it will stop nothing. Once you are rich in Nigeria or in the political class, you are above the law. If not, someone like Buhari should be cooling off in Kuje prison.

and somebody like OBI who defrauded small Anambra state as governor for 8 years should be moving freely abi ?

CodeTemplar:
That's huge. I see why parallel market was always dictating the direction of forex prices.

Cardoso is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

SoNature:
Oga, those who steal Nigeria's money are government officials. Regulations or not, it will stop nothing.

Once you are rich in Nigeria or in the political class, you are above the law. If not, someone like Buhari should be cooling off in Kuje prison.

Oga keep quite if you are don't have anything reasonable to say

Regulation will make a positive impact on our economy and enemies of Nigeria shall be disgraced

You will be put to shame

What did I say? The crypto which includes binance are money launderers. They need to be either regulated or banned!

ivolt:

He is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

that man can lie,as big as Dangote refinary it's less than 21b dollar,how much transactions is binance doing yearly just call a dog a bad name so as to nailed it

Mateco556:
In a recent Monetary Policy Committee (MPC) press conference, Central Bank of Nigeria (CBN) Governor, Yemi S, emphasized the need for strict regulation in the cryptocurrency market, citing concerns over the flow of large sums of money through platforms like Binance Nigeria. The governor revealed that approximately $26 billion had passed through Binance Nigeria, prompting the need for measures to monitor and regulate such transactions.

The announcement comes amidst escalating concerns over the surge in foreign exchange rates, exacerbated by various economic challenges faced by Nigeria. The.....

https://ratecaptain.com/26-billion-for-unidentified-source-passed-through-binance-cardoso/

This is partly why US placed CZ, the Binance Founder, on leash while he awaits heavy sentencing of not less than 18 months in prison. They are money laundering channels in broad daylight. FG must prosecute them!

Crypto is the smartest means to launder money.... Just go to P2p market and see people advertising assets running in hundreds of million for sale

I remember a popular minister under Buhari who was allegedly into heavy crypto dealings...

What's his name sef?

Dagah2:
Crypto is the smartest means to launder money.... Just go to P2p market and see people advertising assets running in hundreds of million for sale

Stop lying.

You and CardiB are liars.

No such transaction occurred.

26 billion ko

ivolt:

Cardoso is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

Where did you get your data from? I have seen daily volume of over N3billion on spot trading of USDT/NGN alone without considering P2P. So, CBN figures can't be wrong. They have far more accurate records than any of us.

richiemcgold:
I remember a minister under Buhari who was allegedly into crypto dealings...

What's his name sef?

A lot of top civil servants and political office holders are now keeping their loot in crypto. In fact, Binan.ce played a very significant role in the recent collapse of the Naira. Since the crackdown on the exchange last week, there has been relative stability in the exchange rate. One of the easiest way to launder money is through crypto. I'm a crypto enthusiast but with what I've seen so far, i support any move to generally regulate the industry.

https://www.chainalysis.com/blog/africa-cryptocurrency-adoption/

According to the report, crypto currency received in Nigerian by Nigerians was $56B. All this comes from P2P, floated trades (usdt/NGN) and other altcoins.

You wonder why US is squeezing the balls of CZ.

The government truly needs to regulate it.

How Come

That is Binance oo, what about other Exchanges where u can buy usdt/NGN?? I think it should be more than that o!

US is cooking something for CZ, after his sentencing the crypto space will never remain the same again. Mind you, whatever happens to binance is a big blow to the crypto community.

ivolt:

Cardoso is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

How's he lying? The total market supply of USDtether currently stands @ 98,063,568,243 USDT. Which makes $26 billion a fraction of what can be traded on binance especially by whales

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seunmsg:


A lot of top civil servants and political office holders are now keeping their loot in crypto. In fact, Binan.ce played a very significant role in the recent collapse of the Naira. Since the crackdown on the exchange last week, there has been relative stability in the exchange rate. One of the easiest way to launder money is through crypto. I'm a crypto enthusiast but with what I've seen so far, i support any move to generally regulate the industry.

Propaganda. Same when Emefiele accused abokifx of manipulating the dollars. Banned their site while simultaneously pumping in dollars to increase the value of Naira.

Meanwhile the current CBN rate is going up while blackmarket is coming down. 1660 as against 1610. Stabilisation my butt.

ivolt:

Cardoso is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

Tomorrow now the will xeny they issued a statement like that

Na to dey blame binance now

seunmsg:


Where did you get your data from? I have seen daily volume of over N3billion on spot trading of USDT/NGN alone without considering P2P. So, CBN figures can't be wrong. They have far more accurate records than any of us.

Binance P2P stats is the source of my data.

Whatever Naira is used for trading on Binance is out of the equation as it has left the system.
It is like buying foreign stocks, whether the investor loses all their capital or gain more
is opaque to the CBN until the capital is reimported.

Only P2P/withdrawal/deposit matters to the CBN. And this transaction is less than $500 million per year.

BTW, trading volume in spot trading is not what you think it is.
I can own $100 and generate $2000 in spot trading volume.
That doesn't mean I own $2000 at the end of the day.
In fact, I may even end up with zero dollars while generating $2000 worth of trade in the process.

You seem to be under the impression that the CBN has some secret powers to track currencies outside
of Nigeria's banking system. It doesn't.

I maintain that Cardoso is lying through its teeth. Another possibility is that he is ignorant of currency market, which is unlikely.

ivolt:

Binance P2P stats is the source of my data.

Whatever Naira is used for trading on Binance is out of the equation as it has left the system.
It is like buying foreign stocks, whether the investor loses all their capital or gain more
is opaque to the CBN until the capital is reimported.

Only P2P/withdrawal/deposit matters to the CBN. And this transaction is less than $500 million per year.

BTW, trading volume in spot trading is not what you think it is.
I can own $100 and generate $2000 in spot trading volume.
That doesn't mean I own $2000 at the end of the day.
In fact, I may even end up with zero dollars while generating $2000 worth of trade in the process.

You seem to be under the impression that the CBN has some secret powers to track currencies outside
of Nigeria's banking system. It doesn't.

I maintain that Cardoso is lying through its teeth. Another possibility is that he is ignorant of currency market, which is unlikely.

Since the inception of Binance in Nigeria, can you estimate how much has disappeared into thin air from Nigeria with the use of Crypto? Do Nigerians have to sell in Naira to people that have USDT accounts or you can hold your funds in USDT? Also, if a Nigerian has USD already stolen from Nigeria directly through the central bank. Can they not open a Binance USDT account, deposit there and disappear into thin air? Would they need to trade anything?

I am sure only Binance programmers on the back end can see all this movement and activities.

ivolt:

Cardoso is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

all the ginger ginger campaigning people were doing asking citizens to quickly convert there cash into dollars and cash out big later, some Nigerians abroad the remittances in most cases are in USDT or crypto.i honestly don't know why the CBN didn't regulate it all this while .All the nonsense we are observing in Nigeria including the political class stealing what they don't want can only happen in Nigeria.

ozo13:
all the ginger ginger campaigning people were doing asking citizens to quickly convert there cash into dollars and cash out big later, some Nigerians abroad the remittances in most cases are in USDT or crypto

Nope. Majority of remittance still pass through the formal financial system. Crypto is restricted to youths.
BTW, what is Cardoso's business with how someone choose to send the money they earn
abroad to their relative?

ivolt:

Nope. Majority of remittance still pass through the formal financial system. Crypto is restricted to youths.
BTW, what is Cardoso's business with how someone choose to send the money they earn
abroad to their relative?

yeah in other cline I think everything is strictly regulated.na only Nigeria you go see school dey collect school fees in dollars and house rend are paid in dollars and the policy makers allow such nonsense to continue unchecked.Even in south Africa u can buy or sell commodities with foreign currency including the 💵, no body go even answer you.To even change dollars to dr currency u must properly show ur identification and such transaction are usually documented

Kabiyesi ooooooooo
26 billion usd,That's a lot of money to pass through only one exchange,but I believe things are getting better on binance.
I doff my heart for Whoever pushed Government to make an announcement about the need to regulate binance in Nigeria, there's sanity on the exchange these days.
The naira to the token called Usdt which I use almost all the time has held steady at 1500-1600 to 1$ usdt.
It was galloping to 2000 naira last week,but immediately after the pronouncement, everyone on the exchange borrowed themselves some brain when they heard the threat of a Government ban.
Nigeria will only get better if Government decides to use its full might to cripple the speculators and mad manipulators on the crypt platforms in Nigeria.
I believe binance now trades with the official CBN rates,that's what I expect should Happen all over the country, enough of the black market profiteers that have milked the country for too long.
There's light beginning to appear at the end of our darkness.
Patriotism over profit,that's my new slogan.
God bless Nigeria...............