The Central Bank of Nigeria (CBN) stated yesterday that regulating cryptocurrency transactions in the country falls under the purview of the Securities and Exchange Commission (SEC) and not the responsibility of the apex bank. This declaration coincided with remarks from former Assistant Director of the Department of State Services (DSS), Dennis Amachree, who emphasized that the Office of the National Security Adviser (ONSA) lacks detention facilities and should have transferred the fleeing Binance executive, Nadeem Anjarwalla, to the Economic and Financial Crimes Commission (EFCC) or the DSS for custody.

During the apex bank’s 294th meeting of the Monetary Policy Committee (MPC), CBN Governor Olayemi Cardoso addressed questions regarding the update on the crypto exchange platform, Binance, which has faced increased scrutiny from the federal government. Cardoso highlighted collaborative efforts with SEC, EFCC, and ONSA over the past month, resulting in positive outcomes. However, he stressed that cryptocurrency regulation falls strictly under SEC's jurisdiction, not that of the CBN.

Last month, the NSA's office detained two Binance executives who were in Nigeria for discussions with the government. However, one of them, Nadeem Anjarwalla, managed to escape custody, prompting a nationwide manhunt. The government has sought assistance from Interpol in locating him.

Former DSS Assistant Director, Dennis Amachree, expressed concerns over the handling of the situation, stating that NSA lacks detention facilities and should have handed over the suspects to appropriate agencies like the EFCC or DSS. He criticized the decision to allow Anjarwalla to leave custody temporarily to pray, emphasizing the need for stricter surveillance and procedures in such cases. Amachree suggested that suspects like Anjarwalla should have been watchlisted by the Nigeria Immigration Service to prevent their escape.

Amidst these developments, questions have arisen regarding the effectiveness of government agencies' coordination and protocols in handling cases involving individuals linked to sensitive matters like cryptocurrency transactions and national security.

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