NDIC cautions Nigerians on adoption of crypto-currencies

The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim has advised Nigerians to exercise maximum caution in the adoption of crypto-currencies as their preferred mode of financial transactions.

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NDIC’s CEO warned that while various forms of digital currencies, currently in operation have their positive and negative attributes, those who patronize them risk losing their savings.

He added that the medium is largely unregulated and does not have support from the traditional Central Banks in almost all financial jurisdictions.

The NDIC Boss made the remarks during the courtesy call by the Board and Management of the Corporation on the Speaker of the Federal House of Representatives, Rt. Hon. Femi Gbajabiamila in his office at the National Assembly Complex, in Abuja.

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