Nigeria And Globe News * Latest Naija News : 26/01/2018

All these are coming as Bitcoin hit a fresh all-time higher last week above the $10,000 mark right after a wild week for the cryptocurrency.

But the NDIC stated he mandate of the corporation does not involve providing insurance coverage cover to risks associated with trading with digital currencies not issued by the CBN.

Mohammed Umar, director Analysis, Policy and International Relations, NDIC, "The monetary regulatory authorities are not playing catch up on the digital currency race in Nigeria. There is no country in the planet that makes it possible for its citizens to use digital currencies as cash not issued by the Central Bank,".

"Nigerians need to understand that sufficient notice has been issued by all monetary sector regulatory authorities, namely Central Bank of Nigeria, CBN, and Nigerian Deposit Insurance coverage Corporation, NDIC, to warn Nigerians who want to trade in bitcoins as gamblers.

"They can only do so at their personal risk. The CBN cannot say any individual can not trade with it and NDIC will not insure any trading in any currency not issued by the CBN." Mr.