NIBSS Supports Ban on Bitcoin and Other Virtual Currencies


The Managing Director and CEO of the Nigerian Interbank settlement System (NIBSS) Mr. Ade Shonubi has backed up recent decision of the Central bank of Nigeria to ban the use of Bitcoins and other virtual currencies in the country.

 He stated this in an interview on the sidelines of the launch of, an online news platform published by Finance Correspondents Association of Nigeria (FICAN).
 He said “Most of the problems with virtual currencies recently, that we have seen like MMM, were for fraud. And that is the warning from the CBN. Nigerians must not get carried away.
 So, generally I am with them (CBN). I am not aware that there is anybody that has been licensed or registered with the Central Bank to either issue or trade with digital currency in Nigeria.”

“I am not aware that the CBN has come out with a framework. The reason why they came out clear was when MMM was offering high rate for people who would go digital, through virtual currencies. It was a means to take money out and many people were gullible.” He explained.