The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against the use Virtual, Crypto Currencies and any associated dealings with them. This is coming weeks after the crash of  Mavrodi Mondial Moneybox (MMM).


"Be Warned! Virtual Currencies are NOT Legal Tenders. The #EFCC Advises against Crypto Currencies and Any Associated Dealings", the commission wrote on its Twitter handle.

Recall that Central Bank of Nigeria (CBN) has earlier barred Nigerians from the use of virtual currencies.

The circular stated in part: "The attention of banks and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation decision by the CBN.

"Ensure that you do not use, hold, trade, and/ or transact in anyway in virtual currencies; Ensure that existing customers, that are virtual customers exchangers, have effective AML/CFT controls that enables them to comply with customers’ identification, verification and transaction monitoring requirements."

Others directives include: "Where banks or financial institutions are not satisfied with controls put in place by the virtual currency exchangers/customers the relationship should be discontinued immediately, and lastly, Any suspicious transactions by these customers should immediately be reported to the Nigerian Financial Intelligence Unit (NFIU)."