The warnings against cryptocurrency have come from several quarters – International Monetary Fund (IMF), World Bank, Central Bank of Nigeria (CBN) and the Security Exchange Commission (SEC).

But it appears some Nigerians just wouldn’t listen.

And that perhaps is why the body in charge of protecting Nigerian bank depositors, the Nigeria Deposit Insurance Corporation, NDIC is adding its voice of wisdom.  

NDIC has warned Nigerians to steer clear of the technology since transactions on it are not authorised by the CBN.

Mr Adikwu Igoche, who is the Manager, Research Department at NDIC, gave the warning on Friday, while speaking with newsmen at the ongoing 29th Enugu International Trade Fair.

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Igoche said that crypto currencies were not deposits or financial instruments authorised by the CBN, hence, they are not insured by the corporation.’

“Again, these forms of currencies are not backed by any physical commodity, such as gold or other precious stones.

“They do not belong to the category of currencies or coins issued by the CBN or the central bank of any other country,’’ he said.

Igoche said the corporation will not relent in sensitising Nigerians on financial, operational, legal and security risks they face by patronising ponzi schemes and digital currencies.

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