Economy
CBN says staggering $26bn illicitly passed through Binance Nigeria in one year
Mr. Yemi Cardoso, the Central Bank of Nigeria (CBN) governor, said on Tuesday that over $26 billion in illicit flows had passed through the crypto platform Binance in the last year.
Cardoso said this on Tuesday after the MPC meeting in Abuja.
“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows.
“In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he told reporters in his first MPC meeting since assuming office as the CBN governor.
The CBN also raised the country’s Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 18.75 percent.
The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.
With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.
Cardoso who chairs the MPC also said the Cash Reserve Ratio(CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.
Nigeria has been battling economic woes in recent months, but Cardoso said his team is not responsible for that.
“I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution,” the former Lagos State Commissioner for Economic Planning and Budget said.
“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.
“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”
The naira continued to depreciate against the United States dollar on Friday to end the week on a negative note at the official foreign exchange.
The Central Bank of Nigeria’s data showed that the Naira depreciated against the dollar to close at N1,355.41 on Friday, down from N1,353.66 on Thursday.
This means that at the official foreign exchange market, the Naira dropped by
N1.75 on a day-to-day basis.
Meanwhile, at the black market, the Naira remained stable at N1,440 per dollar on Friday, the same rate recorded on Thursday.
The week under review ended the week with mixed sentiments but recorded more appreciations than depreciations at both foreign exchange markets.
The Naira gained 10.78 and N15 on a week-on-week basis at official and parallel foreign exchange markets, respectively.
This followed the continued rise in the country’s external reserves, which stood at $47.53 billion as of February 10th, 2026.
The naira on Thursday recorded its first depreciation against the United States dollar at the official foreign exchange market this week.
The Central Bank of Nigeria’s data showed that the Naira weakened on Thursday to N1,353.66 per dollar, down from N1,348.95.
This means that on a day-to-day basis the N4.71 dropped against the dollar.
The decline almost erased Naira’s N5.51 per dollar gain at the official exchange in the last three days.
However, at the black market, the Naira appreciated further by N5 to N1440 on Thursday per dollar, up from N1445 the previous day, owing to the apex bank’s latest intervention to Bureau De Change operators.
The development comes as Nigeria’s foreign debt grew further to $47.53 as of February 10, 2026, according to the apex bank data.
The Black Market Dollar-to-Naira Exchange Rate for 13th February 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 13th February 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1440 and buy at ₦1420 on Friday 13th February, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1440
Buying Rate ₦1420
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1357
Lowest Rate ₦1350
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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