Another fintech official also confirmed the situation,
hinting CBN’s directive is related to foreign exchange (FX) transactions, which
the firm has no business with.
The development is coming amid the federal government’s
effort to address illicit foreign exchange transactions in the country as well
as operations of Binance and other cryptocurrency exchange platforms.
On February 27, Olayemi Cardoso, CBN governor, said $26
billion passed through Binance Nigeria from unidentified sources in one year.
Cardoso said the apex bank was collaborating with different
agencies, including the Economic and Financial Crimes Commission (EFCC), the
police, and the office of the national security adviser (NSA) to tackle illicit
financial flows in the country.
On April 23, the EFCC said it froze over 300 accounts linked
to illicit foreign exchange (FX) trading.
Meanwhile, in a ruling delivered on April 24, a federal high
court in Abuja has granted an interim order to the EFCC to freeze at least
1,146 bank accounts belonging to individuals and companies over “unauthorised
foreign exchange” transactions.
An analysis of the 1,146 accounts blocked by the EFCC shows
90 percent of the accounts affected are operated by commercial banks, while 10
percent are operated by fintechs.
