Again, CBN warns on Virtual Currencies

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

It would be recalled that the apex bank had issued a press release on February 28, 2018, warning Nigerians against dealing in cryptocurrencies.

CBN’s acting head of Corporate Communications, Isaac Okoroafor had stated that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx were not licensed or regulated by the CBN.

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

The CBN therefore warned Nigerians to be cautious against investing in cryptocurrency as doing so would be at their own risk.

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The CBN had also on January 12, 2017, issued a circular to Banks and other financial institutions on virtual currency operations in Nigeria.

Further to that circular, the CBN on Monday on its official tweeter handle, reiterated that “Members of the public are hereby warned that virtual currencies are not legal tender in Nigeria. Accordingly, we wish to caution all and sundry on the risks inherent in such activities”.

 

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