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CBN Reaffirm Stance on Bitcoin


The Central Bank of Nigeria (CBN) has reaffirmed its stance on Bitcoin and every other form of cryptocurrencies.

The Apex bank cautioned Nigerians to be wary of investments in cryptocurrency as they are virtual currencies that are not legal tender in Nigeria.

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

He noted that cryptocurrencies 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 cryptocurrency in Nigeria are not protected by law, this may be unable to seek legal redress in event of failure of the exchangers or collapse of the business.”

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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