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Nigerian Regulator Warns Against Crypto Transactions Since They’re ‘Not Insured’

An executive at Nigeria’s Deposit Insurance Corporation has warned citizens away from crypto, citing a lack of backing in any “physical commodity” Nigerians have been warned by the Nigeria Deposit Insurance Corporation (NDIC) against the use of cryptocurrencies because the Central Bank of Nigeria (CBN) does not recognize them as legitimate currency, local news outlet Business Post Nigeria reported yesterday, March 23.…