Nigeria’s Union Bank Reportedly Warns Against Crypto Transactions  

According to a letter reportedly sent to its users and published by Nairaland, an online platform focused on Nigerians only, the union bank of Nigeria has allegedly warned against transactions in cryptocurrencies.

The biggest Nigerian online community with over 55 million users, nairaland, has published a letter from the union bank which is referred to the central bank of Nigeria advising that cryptocurrency is not a legal tender in Nigeria and has cautioned against transacting in them.” It includes that:

“In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including the closure of such accounts.”

The union bank of Nigeria is commercially operated with assets summing up to $4.1 billion this year. At the moment, the bank did not answer to a request for confirmation about the authenticity of the letter.

This spring, a Nigerian financial agency, the Nigeria Deposit Insurance Corporation (NDIC), had already cautioned its citizen against cryptocurrencies as “various government agencies in Nigeria have cautioned citizens on the new form of money,” adding to the CBN.

Last week, the presidential candidate of Nigeria’s leading opposition party the Peoples Democratic Party (PDP), Atiku Abubakar vowed “to speed up the economy positively through blockchain and cryptocurrency,” Cointelegraph wrote Nov. 25.


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