The Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation have disassociated themselves from digital currencies, saying their transactions have not been authorised by them.
The Manager, Research Department, NDIC, Mr. Adikwu Igoche, gave the warning on Friday, adding that Bitcoin and other crypto currencies were forms of digital currencies, which only existed in some websites and not backed by the country’s law.
Igoche said that crypto currencies were not deposits or financial instruments authorised by the CBN and 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.
