Bitcoin and other Cryptos Are Not Legal Tenders in Nigeria, says Central Bank of Nigeria

Bitcoin and other Cryptos Are Not Legal Tenders in Nigeria, says Central Bank of Nigeria

Union Bank sent this to its customers: Bitcoin and cousins are not legal tenders in NIGERIA, says Central Bank of Nigeria. Shine your eyes before these offshore guys use your hard-earned money for vacations in Bahamas, etc. Mining, they control; issuance, they control; exchange they control; [you add], they control; yet, there in Lagos, Kano & Aba, you are ranting that Bitcoin is the new decentralized instrument in Nigeria. That is malaria dream. Until you build yours, shine your eyes.

The Central Bank of Nigeria (CBN) has advised that cryptocurrency is not legal tender in Nigeria and has cautioned against transacting in them.

In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.

We appreciate your patronage and we are committed to providing you with simpler, smarter banking services that best protect your interest and guarantee the security of your funds

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