Nigerian Central Bank reiterated on crypto money investments

 The Nigerian Central Bank (CBN) repeated its warnings against cryptocracy investments.

In a press release Wednesday, CBN residents and financial institutions  warn that Crypto Money investments are unprotected and that investors  face risks such as bankruptcy and market volatility.

Nigeria-based Bitcoin trading platform NairaEx has been declared "not licensed or edited by CBN".

At the beginning of 2017, it followed the previous messages sent to  Nigerian financial institutions and suggested that CBN be reminded to  stay away from the domestic bank cryptographic currencies, not to warn  "do not use, keep or trade the technology in any way".

Despite this, the statements come at a time when Nigeria is seeing increased interest in crypto-money investments. According to Coindance data, the weekly transaction volume in Localbitcoins in Nigeria increased by 500 percent in 2017.

As previously reported by CoinDesk, according to Google Trends in  2017, South Africa, Slovenia, the Netherlands and Austria, as well as  Nigeria, were among the countries that use the term "Bitcoin" most.

However,  according to a report published by Quartz Africa, there is a scheme  that partially accounts for Nigeria's internet search levels - in  addition to the capital outflow controls of the country - which has  resulted in about 2 million people and has already lost $ 50 million.