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Nigerian regulator issues warning on crypto investments

Posted:Apr 28, 2021 09:08 Category: Africa , Crypto , Posted by
Stanley Yin

Nigeria’s Economic and Financial Crimes Commission (EFCC) has issued a risk warning in relation to cryptocurrency investments

A spokesperson from Nigeria’s Economic and Financial Crimes Commission (EFCC), Wilson Uwujaren, stated that the EFCC is keeping a close eye on “the rate at which Nigerians sent them petitions on fraudulent investments.”

Moreover, the EFCC has highlighted the fact that as the crypto industry increases in popularity, the amount of crypto scams continue to increase at a rapid rate “despite enforcement and public enlightenment interventions by the commission and other stakeholders.”

Having said that, despite the constant enforcement, Uwujaren has called on the Nigerian public to still be cautious while they are investing:

Wilson-Uwujaren - AIBC News

“While EFCC will continue to investigate and prosecute persons complicit in fraudulent investment schemes, it is incumbent on the investing public to be circumspect in their investment decisions.”

Due to these scams, the EFCC has now joined the Central Bank of Nigeria (CBN) in telling the Nigerian public to avoid dealing or trading in crypto. Earlier this year, the CBN governor, Godwin Emefiele, laid down the law with his strong views stating that crypto has no place whatsoever in Nigeria’s monetary system.

Moreover, Emefiele believes that crypto transactions should be nowhere near Nigerian’s banking system.

Bitcoin and crypto opposition in Nigeria does not stop there as a number of members of Nigeria’s State have also joined in the crypto attack with Senator Sani Musa claiming, “bitcoin has made our currency almost useless or valueless.”

Despite all these attacks from high profile officials, crypto’s popularity continues to rise in Nigeria. This shows just how powerful the crypto industry is as Nigeria’s peer-to-peer bitcoin traded volumes increased in Q1 of this year. This increase comes despite a directive last month that cut off crypto traders from the country’s banking system.

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