Bayo Onanuga, the special adviser to President Bola Tinubu
on information and strategy, had posted some of the reports on X on February
24, 2024 — an act that could be seen as a confirmation of the development.
Prior to this, Onanuga had called for a ban on Binance and
other crypto platforms operating in Nigeria to curb foreign exchange (FX) rate
distortions.
Speaking on the matter, Cardoso said the apex bank 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,” the CBN governor said.
“In the case of Binance, in the last one year alone, $26bn
has passed through Nigeria from sources/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.”
He added that the apex bank will ensure that this “type of
infraction” does not take place.
On February 20, 2024, the CBN and the Office of the National
Security Adviser (ONSA) announced a partnership to investigate and penalise
those involved in illicit activities within the FX market.
