Nigeria Deposit Insurance Corporation (NDIC) warned the Nigerians against the use of Cryptocurrency since the Central Bank in Nigeria has not recognized the digital currency as a legal currency.

Nigeria based government agencies have also issued the same warning to the Nigerians in the past. Those involved in cryptocurrency transactions are at the risk since NDIC has not insured the digital currency since it is not legitimate in Nigeria.

According to the NDIC Research Department Executive, Mr. Adikwu Igoche, the physical commodities including Silver, Gold or any other valuable stone do not support the digital currency in Nigeria. He further said the citizens of Nigeria should only use the NDIC insured financial institutions. The financial institutions bearing the NDIC sticker along with inscription (Insured by NDIC) are valid for conducting financial transactions.

NDIC has established a help desk at Enugu International Trade Fair to help people, whose bank has been closed down, to get back the deposits as well as to process the claims.

The customers can also contact NDIC at a toll-free number 080063424357 round the clock to solve their issues. The desk provides all the necessary help to settle the claims and inquiries regarding the deposits. The public can also visit www.ndic.gov.ng for more details.

The citizens of Nigeria are urged not to use bitcoin as well as other Cryptocurrency for investments.

In the recent past, many countries from across the world are issuing warnings to their nationals against investing Initial Coin Offerings or Cryptocurrencies.

Central Bank of Nigeria Issues a Warning to The Citizens to Desist from Investments in Cryptocurrency

The Central Bank of Nigeria (CBN) has warned the financial institutions and the general public as well against investments involving cryptocurrency in a circular issued on February 28, 2018.

The CBN has reiterated that it has not regulated or licensed the exchanges including NairaEx and cryptocurrencies including Monero, Ripple, Bitcoin, Onecoin, Dogecoin, and Litecoin etc. Those involved in cryptocurrency transactions of any nature are not protected by the law in Nigeria.

The exchanges that facilitate the trading of virtual currencies are unregulated worldwide and poses a significant loss in the event of sudden wind up of such exchanges.

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