The Managing Director, Nigeria Deposit Insurance Corporation, Umaru Ibrahim, on Thursday called on Nigerians to exercise caution in the adoption of cryptocurrencies as their preferred mode of financial transactions.
He warned that while various forms of digital currencies currently in operation have their positive and negative attributes, those who patronise them risk losing their savings.
He said the warning became imperative because crypto-currencies were largely unregulated and without the backing from the traditional central Banks in almost all financial jurisdictions.
The NDIC boss said these during a courtesy visit by the board and management of the corporation to the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, in his office at the National Assembly Complex, in Abuja.
The Chairman of the Board of NDIC, Mrs Ronke Sokefun, told the Speaker that the NDIC remained a critical player in the Nigerian financial safety net.
He explained that the NDIC through its interventions had contributed immensely to the growth and stability of the nation’s financial stability in the 30 years of its operations using best practices.
According to a statement by the Director, Communications and Public Affairs Unit, NDIC, Sunday Oluyemi, the NDIC is the first public sector institution in Nigeria to be awarded three International Standard Organisation certifications simultaneously by the British Standards Institute in view of its result-oriented system, processes and procedures.
She solicited the assistance of the House in the passage of the NDIC Act Amendment Bill currently before the National Assembly.
In his response, the Speaker commended NDIC on the visit, describing it as a right step towards fostering harmonious working relationship with agencies in the executive arm of government.
On the issue of cryptocurrency, he noted that as the global economy was exploiting ways of adopting it into the global financial landscape, the NDIC and other financial sector regulators in the country must not be left behind in the adoption of appropriate regulatory framework.