Cryptocurrencies: CBN warns Nigerians

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Cryptocurrencies

The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in cryptocurrency as they are virtual currencies that are not legal tender in Nigeria.

The Bank’s Acting Director, Corporate Communications, Mr Isaac Okoroafor, in a statement on Wednesday in Abuja, said cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, and Exchanges such as NairaEx were not licensed or regulated by the CBN.

Okoroafor said that dealers and investors in any kind of cryptocurrency in Nigeria were not protected by law, this may be unable to seek legal redress in event of failure of the exchangers or collapse of the business.

The CBN further warned Nigerians against investing in cryptocurrencies as doing so would be at their own risk.

CBN had on Jan. 12, 2017, issued a circular to banks and other financial institutions on…



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