Central Bank of Nigeria cautions citizens on cryptocurrency investments

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

Acting Director, Corporate Communications, Isaac Okoroafor, gave the warning in a statement on Wednesday.

He noted that crypto currencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, and Exchanges such as NairaEx were not licensed or regulated by the CBN.

Okoroafor said dealers and investors in any kind of crypto currency in Nigeria are not protected by law, thus 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 crypto currencies as doing so would be at their own risk.

Bitcoin was the best performing currency of the year 2016. It appreciated from four cents in 2010 to over $1,000 in 2017.

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