NDIC warns Nigerians for the second time against trading in digital currencies

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The financial sector insurance regulator, the Nigerian Deposit Insurance Corporation, NDIC, has again warned Nigerians against the risk of trading with digital currencies not issued by the Central Bank of Nigeria, CBN.

The Director Research, Policy and International Relations, NDIC, Mohammed Umar, was speaking at a two-day annual workshop for Business Editors and Finance Correspondents on “Financial disruption of digital currency and it’s consequences on the banking and deposit insurance system.”

Mr. Umar said on Thursday in Kano that the mandate of the corporation does not include providing insurance cover to risks associated with trading with digital currencies not issued by the CBN.

“The financial regulatory authorities are not playing catch up on the digital currency race in Nigeria. There is no country in the world that allows its citizens to use digital currencies as money not issued by the Central Bank,” Mr. Umar stated.

“No Central Bank will accept digital currency as a substitute for its national currency or part of its monetary system, when it is not able to control it.

“Nigerians must understand that adequate notice has been issued by all financial sector regulatory authorities, namely Central Bank of Nigeria, CBN and Nigerian Deposit Insurance Corporation, NDIC, to warn Nigerians who want to trade in bitcoins as gamblers.

“They can only do so at their own risk. The CBN cannot say anyone cannot trade with it and NDIC will not insure any trading in any currency not issued by the CBN.”

“If you can buy a bitcoin, nobody will stop you. It is at your own risk. A bitcoin is not covered by the CBN rules, and NDIC will not insure it. We have consistently wlarned Nigerians that anyone who trades in bitcoin does so at his own risk,” Mr. Umar said.


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