The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria.

The CBN’s warning is coming barely one week after the Board of the International Organisation of Securities Commissions (IOSCO) cautioned against the haste to draw up regulation on the activities of cryptocurrencies, noting that it would instead confer undue legitimacy which might serve to deceive the general public into believing that there was regulatory faith in the products

The CBN, in a release, reiterated that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc. and Exchanges such as NairaEx were not licensed or regulated by the CBN.

The statement signed by the bank’s Acting Director in charge of Corporate Communication, Isaac Okorafor, emphasised that dealers and investors in any kind of crypto currency in Nigeria were not protected by law, thus might be unable to seek legal redress in the event of failure of the exchangers or collapse of the business.

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

loool,no una cause am

every investment has its risks. it's always advisable not to invest with Money you can not afford to lose.

The CBN shouldn't be warning anyone about any risky venture. They should subtly warn us of the dangers that are associated in voting Buhari for second term.