Nigerian Corporation of insurance of deposits (NDIC) issued a warning to citizens of the country, which encouraged them to refrain from using the cryptocurrency, as the Central Bank of Nigeria (CBN) does not consider them legal tender.

Head of the research Department of the NDIC Adik Hoche (Adikwu Igoche) in an interview with local newspaper said that Nigerians must use only those financial institutions that NDIC considers lawful (which may indicate a special sign at the entrance to the institution). The same applies to cryptocurrency. Such operations are carried out by Nigerians at your own risk and are not “insured NDIC”.

Recall that this is not the first warning about the risks of using cryptocurrencies, which make the authorities, despite the fact that the Central Bank of the country in the autumn of 2017 conducts a study on the topic of cryptocurrencies and applications of blockchain technology. At the same time, researchers from the international Bank Citibank believe that for countries such as Nigeria, the volatility of bitcoin, is particularly dangerous, as its market share in percentage to GDP is extremely high and amounts to 4%.