CBN warns Nigerians against virtual currencies
Connect with us

Business and Banking

CBN warns Nigerians against virtual currencies

Politics Nigeria

Published

on

bitcoin - CBN warns Nigerians against virtual currencies


As Nigerians continue to seek ways of making more money, the Central Bank of Nigeria (CBN) has cautioned against investments in crypto currency, maintaining that virtual currencies were not legal tender in the country.

It identified such crypto currencies as Bit Coin, Ripples, Monero, Litecoin, Doge Coin, One Coin and exchanges such as NairaEx.

The CBN gave the caution in statement by Mr Isaac Okorafor, Acting Director of Corporate Communications Department posted on its website.

According to Okorafor, dealers and investors in any kind of crypto currency in Nigeria are not protected by law.

Okoroafor said that virtual currencies were traded in exchange platforms that were unregulated all over the world.


He also said that customers might therefore, lose money without legal redress in the event that exchanges collapse or close business.

Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography.

Cryptography is the art of writing and solving codes to secure its transactions, control the creation of additional units, and to verify the transfer of assets.

The CBN had in January 2017, issued a circular to banks and other financial institutions on virtual currency operations in the country.


Do you get a good or bad response from your wife after making love? Discover a great natural solution that changed my story and put an end to weak/premature e j aculat!0n, CLICK HERE TO READ MORE + Prostrate Enlargement Solution
1080x1080 UNICAF2 e1528214775205 - CBN warns Nigerians against virtual currencies
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

Email: Politicsngr[at]gmail.com

Latest Rates

Currency Interbank Rate Parallel Rate
USD ₦306 ₦362
GBP ₦420 ₦505
EUR ₦370 ₦442

Updated on May 1, 2018 at 11:14 am