VIRTUAL CURRENCIES NOT LEGAL TENDER IN NIGERIA – CBN

Central Bank of Nigeria [ CBN ] on January 12, 2017, to Banks and other financial institutions on virtual currency operations in nigeria, the Bank wishes to reiterate that Cryptocurrencies such as Bitcoin ,Ripples, Monero , Litecoin ,Dogecoin, Onecoin, etc and Exchanges such as NairaEx are not licensed or regulated by the  CBN.

For the avoidance of doubt,dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law.Virtual currencies are traded in exchanged platforms that are unregulated,all over the world.Consumers may therefore lose their money without any legal redress in the event these exchangers  collapse or close business.

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.

Be the first to comment

Leave a Reply

Your email address will not be published.


*