…as Apex Bank helmsman opens up on Binance

The Senate on Tuesday passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act to provide for single non-renewal term of six years for the governor and the deputy governors of the apex bank.

The bill, sponsored by Senator Mukhail Adetokunbo Abiru (APC, Lagos) and all the 41 others, seeks to amend Section 8 (2) of the CBN Act.

The section currently grants the governor and deputy governor of the CBN tenure of five years and they are eligible for re-appointment for another term not exceeding five years.

The Central Bank of Nigeria (CBN) governor, Yemi Cardoso has said that over $26 billion have passed through Binance Nigeria in the last four years.

“In the case of Binance, in the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he was quoted to have told reporters in his first MPC meeting since assuming office as the CBN governor.