The Nigeria Deposit Insurance Corporation (NDIC) has issued a public warning about relying on cryptocurrency transactions. This was done via a press release on the 25th day of July, 2019.

According to the press release, managing director and CEO of NDIC, Umaru Ibrahim. said relying on cryptocurrencies is very risky, because they are unregulated and not backed by central banks in most financial jurisdictions.

The NDIC provides a safety net for depositors and aims to protect the banking system from instability caused by bank runs or loss of confidence.

According to Ripples Nigeria, Umaru Ibrahim had previously talked about his concerns during a courtesy call with the NDIC board and the Speaker of the House of Representatives.

Speaker Femi Gbajabiamila, spoke on eagerness to regulate cryptocurrencies and partake in the emerging global crypto market. He said:

“The NDIC and other safety-net participants in the country must not be left behind in the adoption of appropriate regulatory framework to deal with the prevalence of cryptocurrencies in the global financial space.”

Many Nigerians are currently using Cryptocurrencies and there is need for the regulation of this sector in the West African Country,

From TestBoo.Com - https://testboo.com/nigerian-deposit-insurance-corporation-warns-against-cryptocurrency/

Ftc
Thanks ntel

The only currency i like
1. Naira✔️✔️
2. $✔️✔️
3. £✔️✔️

I'm not a fan of fiat money issued by governments, and welcome the dominance of currency whose value is determined by decentralized agreement among peers. My only issue with cryptos is their instability. How can I hold money when I'm not sure how much bread it will buy from week to week? Forget the investing/speculating part. Just hold a coin, and what it can purchase fluctuates from day to day. Unless it becomes ultrastable it really has no chance of becoming a defacto currency.

Lol they should go and warn their family member
What I do with my money is my business

Trump talk am

Gbajabiamila is a smart man

I really missed a good opportunity with this crypto thingy.

I could boast of close to $40k when a unit of bitcoin was barely $1k but I wasn't even aware of the stuff. It was when I had almost finished my hard currency that one goat started explaining and then it was as high as $6k. And even then, I could still afford one but I thought it was risky as per stock market. Now, I understand it goes for as high as $26k and I don't have even $1k

zombies

Choi... My bros Don enter one chance

Na everybody Dey do cyrtocurrency now for naija even
Shoe maker does it

Lol! !!

Backward goats

Of course, it's natural that they warn

It's not for everyone

shirk23:


lol. money needed oo

Cryptocurrencies that other countries have adopted and approved. Nigeria is so backward as Bleep.

I get dogecoin, anyone interested

MMM comes to mind

who remembers Liberty Reserve

feezy:
Backward goats

This one don lose money tire.

One Chance Currency

I know this crptocurrency is a good investment but Nigerians will spoil it with greed. I know guys and even girls are already collecting money from unsuspecting people in the name of investment in crptocurrency that doesn't exist. Good caution from NDIC.

Crypto currencies are backed by Block chain technology. We are always behind global trends.
The world is moving ahead

NO NA CATECOIN I WAN BUY MTCHEWWWWWWWWWWWWW
I CHUKWU MY MOUTH

Herrymax:
I get dogecoin, anyone interested

namiji2598:
The only currency i like
1. Naira✔️✔️
2. $✔️✔️
3. £✔️✔️

Which one is cryptocurrency again

the only currency our forefather knows is
Cowries;Salt; Gin etc
Which one will the future people know?
remember Money is ANYTHING that is generally accepted as a means of exchange

Lol backward people. Not being backed by any central bank is exactly it's selling point you dullards!

Get in touch

Herrymax:
I get dogecoin, anyone interested