Nigerian Regulator; Digital Currency are not Authorized by CBN

Cryptocurrency transaction in Nigeria

The Nigeria Deposit Insurance Corporation (NDIC) warned Nigerians against the use of #cryptocurrencies because the Central Bank of Nigeria (CBN) does not recognize them as legitimate #currency, reported by local news outlet THE NATION yesterday March 23.

Mr. Adikwu Igoche, Manager, Research Department at NDIC, gave the warning in an interview with News Agency of Nigeria (NAN) on Friday, at the ongoing 29th Enugu International Trade Fair. that #digital currency was not authorized by the CBN and was thus not "insured by the NDIC."

Igoche said that since digital currencies are "not backed by any physical commodity, such as gold or precious stone, they do not belong in the category of currencies or coins issued by the CBN or the central bank of any other country."

According to him, the NDIC will not relent in sensitizing Nigerians to financial, operational, legal and security risks they face by patronizing Ponzi schemes and digital currencies.

He said a help desk had been created at the NDIC's stand at the fair where depositors of closed banks could ascertain where and how to access their deposits and process their claims.

"The corporation also operates a robust 24 hours national help desk with a toll-free telephone line number 080063424357.

The desk is for further information and enquires on depositors' claim settlement and complaints or sharp practices by their banks.

"The general public can also access our website on www.ndic.gov.ng," he noted.

The fair has entered its 8th day, has its theme as "Engendering the Competitiveness of Nigerian Products in the Global Market."

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