Nigeria warns against cryptocurrencies

The Central Bank of Nigeria (CBN) has issued another warning against cryptocurrencies, reminding market participants that they “are not legal tender in Nigeria”.

In a press release, the CBN warned the public that cryptocurrencies, such as bitcoin, monero or litecoin, and exchanges, such as Nigerian bitcoin exchange NairaE, are “not licensed or regulated” by it.

The release states that dealers and investors in cryptocurrencies in Nigeria are not afforded the protection of the law.

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