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Virtual Currencies not Legal Tender in Nigeria Says CBN
  • Post by Admin on sunday, March 05, 2015

The Central Bank of Nigeria (CBN) said further to the circular issued on January12, 2017 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.

According to a statement signed by Isaac Okorafor Ag. Director, Corporate Communications at the apex bank, for the avoidance of doubt, dealers and investors in any kind of crypto currency in Nigeria are not protected by law.

The statement added that virtual currencies are traded in exchange 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.

Photo Caption: Isaac Okorafor Ag. Director, Corporate Communications CBN

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