Cryptocurrencies not legal tenders in Nigeria – CBN

Further to the circular issued by the Central Bank of Nigeria (CBN) on January
12, 2017, to Banks and other financial institutions on virtual currency
operations in Nigeria, the Bank wishes to reiterate that cryptocurrencies such
as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges
such as NairaEx are not licensed or regulated by the CBN.

For the avoidance of doubt, dealers and investors in any kind of crypto
currency in Nigeria are not protected by law. Virtual currencies are traded
in exchange platforms that are unregulated, all over the world. Consumers may
therefore lose their money without any legal redress in the event these
exchangers collapse or close business.

Members of the public are hereby warned that virtual currencies are not legal
tender in Nigeria. Accordingly, we wish to caution all and sundry on the risks
inherent in such activities.

Isaac Okorafor
Ag. Director, Corporate Communications
February 28, 2018