The Central Bank of Nigeria has stated that virtual currencies are not legal tender in Nigeria, thereby cautioning Nigerians to be wary of investing in crypto-currency,
The apex bank in a statement issued in Abuja, disclosed that crypto-currencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, and exchanges such as NairaEx were not licensed or regulated by the CBN.
Isaac Okorafor, Acting Director, Corporate Communications, in a statement emphasized that dealers and investors in any kind of crypto-currency in Nigeria were not protected by law.
It added that since they are not protected by law, these investors may not be able to seek legal redress in event of failure or collapse of the business.
The apex bank warned Nigerians against investing in crypto-currency as doing so would be at their own risk.
