Home BUSINESS BANKING & FINANCE Free Fall Of Naira: CBN Boss Talks Tough: We’re Moving Towards Aggressive...

Free Fall Of Naira: CBN Boss Talks Tough: We’re Moving Towards Aggressive Regulatory Environment

Against the background of the free fall of naira in recent time, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has made it clear that the apex bank is moving towards what he called “very aggressive regulatory environment.”
“Tolerance for people who will not abide by the regulations that are coming out is zero.
“People will have to comply with our regulations or face the consequences for not doing so.”
Cardoso, who spoke to newsmen today, February 27, after the meeting of the Monetary Policy Committee (MPC) in Abuja, regretted that more than $26 billion was channelled through a cryptocurrency platform, known as Binance, in the last four years.
“In the last four years, more than $26 billion have been funnelled through Binance without trace.”
The apex bank had recently placed restriction on Binance and other cryptocurrency platforms.
The Binance exchange is a leading cryptocurrency exchange that was founded in 2017. It features a strong focus on altcoin trading.
Binance offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.
The Naira is believed to have started improving against the US Dollar after the restrictions on Binance and other crypto platforms in Nigeria’s cyberspace.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria raised the Monetary Policy Rate, otherwise known as the benchmark interest rate at the end of the meeting today, according to finance and economic analysts.
The MPC began its two-day meeting yesterday, a few days after the National Assembly screened and okayed its new members. The meeting is the first since the new CBN Governor assumed the leadership of the apex bank.

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