N495/N498 (updated 20.1.17:close)
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Friday, 13 January 2017

The Nigerian Federal Government has warned people to desist from string and making use of different cryptocurrency platforms.

According to a statement by the Securities and Exchange Commission (SEC) on Thursday, cryptocurrencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies, are bound to disappoint at anytime.

The statement read:
"The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, while others may be outright fraudulent pyramid schemes.

"Given that these instruments and the persons, companies or entities that promote them have neither been authorised, nor any guidelines/regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business.

"The public and consumers of financial services are further advised that before making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorised by the commission or other financial services regulatory authority as applicable to provide such services."
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