The Central Bank of Nigeria (CBN) has warned Nigerians against investing in cryptocurrency, stressing that virtual currencies are not licensed in the country.
This was contained in a statement signed by the Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor, on Wednesday and made available to THE WHISTLER.
Okorafor explained that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin and Exchanges such as NairaEx are not legal tender or regulated by the Bank.
According to the CBN director, “dealers and investors in any kind of crypto currency in Nigeria were not protected by law, thus may be unable to seek legal redress in event of failure of the exchangers or collapse of the business”.
