BREAKING! THE CENTRAL BANK OF NIGERIA(CBN) THIS MORNING, HAS WARNED AGAINST INVESTING IN BITCOIN AND OTHER CRYPTOCURRENCIES

Central Bank of Nigeria

The central bank of Nigeria (CBN) has warned Nigerians to take percussion in investing in bitcoin and other cryptocurrencies. Making it express that cryptocurrencies are not legal tender in the country.

The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria. It is the responsibility of the financial institution to maintain the external reserves of the country, promote monetary stability and a sound financial environment within the country and to act as financial adviser to the federal government.

Carrying out its legal responsibility and obligations, the apex bank issued a statement a statement to clearify its stands on cryptocurrencies making huge waves and trending currently in Nigeria.

The bank made it clear in a statement issued and signed on Wednesday by its acting director, corporate communications, that cryptocurrencies such as bitcoin, ripples, litecoin, onecoin, monero, dogecoin and every other coin and exchanges such as Nairaex are not licensed or regulated by the CBN.

He stated that cryptocurrencies in Nigeria and around the world are not backed by law. Therefore, investors, dealers and traders should be careful in their transactions. He claims that there can not be any legal fight or claims incase of a breakdown in transaction because its not protected by law.

The CBN strongly advised Nigerians against the use of cryptocurriecies as anyone investing in the internet currencies does so at his/her own risk.

As for me, i think I'm enjoying and loving the popularity and publicity giving to cryptocurrency at the moment. In as much as the news and series of warning keeps flying, the amazing thing is that more people are willing to know more and invest in it by the day.

Theres actually no business without risk. Risk is one of the elements of business and taking no risk is even more dangerous.