Central Bank of Nigeria warns of cryptocurrency transactions

Nigeria Central Bank warns of cryptocurrency transactions. The Nigerian Deposit Insurance Corporation (NDIC) has once again warned Nigerians to be wary of investing in cryptocurrency, as cryptocurrencies are not recognized as legitimate currency by the Central Bank of Nigeria (CBN). The Central Bank of Nigeria does not approve of cryptocurrencies

A press release by CBN on Wednesday, February 28, 2018 reiterated that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin are not licensed or regulated by CBN.

This is not the first time that various government agencies have warned their citizens against the new form of money in Nigeria.. Adikwu Igoche, director of the Research Department at the NDIC, stated that digital currencies are not certified by the CBN and therefore are not insured by the NDIC.

The Nigerian Deposit Insurance Company does not insure cryptocurrencies

CBN’s In the statement signed by Isaac Okorafor, Deputy Director of Corporate Communications, it was emphasized that dealers and investors in any cryptocurrency in Nigeria are not protected by law, and therefore, legal compensation cannot be claimed in case of failure of the exchanges.

23 March on Friday 29. At the Enugu International Trade Fair, Adikwu Igoche told Nigerian News Agency (NAN): It does not fall under the category of currencies or coins issued by the country’s central bank.

Countries around the world warn consumers of   crypto and ICO investments

Adikwu Igoche states that Nigerian citizens only He stated that he should use financial institutions “insured by the NDIC”. Adikwu Igoche added that the NDIC is at the fair to help Nigerians with what to do if banks are closed.

Countries around the world are offering cryptocurrencies to consumers from the European Union to the United Arab Emirates. and it warns about ICO investments.

In October last year, it was reported that the Nigerian government is actively interacting with several Blockchain organizations and initiatives to develop technology in the country.


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