This business post Nigeria has noted that this is not the first warning against cryptocurrencies. As told by local news outlet Business Post Nigeria on 23rd March yesterday because the central bank of Nigeria has not recognized them as a valid currency.
Nigerian people have been warned by the Nigeria Deposit Insurance Corporation against the use of cryptocurrencies. He said that this digital currency was not authorized by CNB and thus was not insured by NDIC. Its Adikwu Igoche has an Executive Officer in the Research Department at NDIC. In Nigeria, various government agencies have warned citizens on the new form of money.