The Central Bank of Nigeria on Sunday, said, the use of cryptocurrencies in Nigeria contravenes existing laws.

The apex bank was responding to public criticism of its Friday notice warning Deposit Money Banks (DMBs) to desist from transacting cryptocurrencies and dealing with entities who do same.

According to the CBN, cryptocurrencies are “issued by unknown and unregulated entities” and are increasingly being used to conduct ” many illegal activities including money laundering, terrorism financing, purchase..

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https://www.voiceofawori.com.ng/use-of-cryptocurrency-illegal-in-nigeria-cbn-fires-at-crypto-wailers/