CBN Issues Fresh Warning On Digital Currencies

The Central Bank of Nigeria (CBN) has warned the Nigerian public against investing in Cryptocurrencies.

The apex bank warned that such currencies were not legal tenders in Nigeria.

The fresh warning is as contained in a statement issued on Wednesday by CBN’s Acting Director of Corporate Communications, Isaac Okorafor.

“The CBN therefore warned Nigerians against investing in cryptocurrency as doing so would be at their own risk,” he said.

The Central bank warned that cryptocurrencies such as bitcoin, ripples, monero, litecoin, dogecoin, onecoin and exchanges such as NairaEx were not licensed or regulated by the CBN and hence users would not be able to seek legal redress in case of any future eventuality.

Naija News reports that Bitcoin, one of such digital currencies, reached a record high of about $20,000 in 2017 before crashing.