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Again, CBN warns on Virtual Currencies

Again, CBN warns on Virtual Currencies

 

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

 

A press release issued by the Bank on Wednesday, February 28, 2018, 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 Communications, Isaac Okorafor, emphasized that dealers and investors in any kind of cryptocurrency in Nigeria were not protected by law, thus may be unable to seek legal redress in event of failure of the exchangers or collapse of the business.

 

The CBN therefore warned Nigerians to be cautious against investing in cryptocurrency as doing so would be at their own risk. It will be recalled that the CBN on January 12, 2017, issued a circular to Banks and other financial institutions on virtual currency operations in Nigeria.

 

Facts : 1/7/1959
Evolution of Departments:At inception, the organisational structure of the CBN was understandably simple consisting of two departments, namely, the General Manager's and the Secretary's Departments, with the appropriate division of labour as then percieved. The General Manager's Department was responsible for all the Department banking, currency issues, debt management and other operational functions of the bank while the Secretary's Department handled the administrative and staff matters, carried out some research into the economic and financial conditions, and collected and analysed relevant statistics for policy formulation.
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