Central Bank of Nigeria (CBN) Governor, Yemi Cardoso has made a shocking revelation.

He said: “$26 billion was moved by unknown sources through Binance Nigeria in one year.”

“The CBN is ready to make some aggressive regulations to strengthen the economy and clampdown on crypto exchanges including Binance.”

“CBN is collaborating with the SEC to ensure there is no manipulation in the FX market.”

“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities, suspicious flows at best.”

“In the case of Binance, in the last one year alone, $26bn has passed through Nigeria from sources and users who we cannot adequately identify.”

“There’s a lot that is going on now as a result of collaboration between the different agencies which includes EFCC, the police, and of course, the office of the NSA.”

“And in due course, as we progress and have more information to share, we will certainly share.”

“But suffice to say that we are determined to do everything it takes to ensure that we take charge of our market or put it differently to not allow others to manipulate our markets in a way that ends us distortionary and sub-optimises for all Nigerians.”

“CBN will ensure that this type of infraction does not take place.”

For those who don’t know, Binance is an online exchange where users can trade cryptocurrencies.”