Senate Warns Nigerians Against Bitcoin and Other Wonder Banks


The Nigeria Senate has urged the Central Bank of Nigeria (CBN) to enlighten Nigerians about the dangers of investing in the online currency Bitcoin.

Senator Sen. Benjamin Uwajumogu representing Imo West Senatorial District of Imo State observed that Bitcoin is currently being proliferated as one of the best forms of investments within the country.

He observed that since the country is recovering from a recession, it would be devastating for Nigerians to lose their hard earned money on schemes that could be avoided if properly advised by the government.

Senator Uwajumogu stressed that the regulatory authorities intensify efforts in checking the daily activities of such wonder banks to save Nigerians from imminent disaster.

The upper chamber of the National Assembly, therefore, unanimously agreed that the CBN should rise to the occasion and save Nigerians from imminent financial doom inherent in investing in Bitcoin and similar wonder banks.

Senator Deno Melaye representing Kogi West Senatorial District voiced his concerns thus –

“No intelligence agency will allow programs and financial scams like MMM, Bitcoin and the likes to operate within the boarders of their countries without scrutiny.

It is impossible for you to do anything in the United States or Canada or operate without the approval of your intelligence community.”

The Senate, therefore, called on the CBN, the Nigerian Deposit Insurance Cooperation, and the Nigerian Stock Exchange (NSE) to enlighten the citizens on the dangers of Bitcoin as a store value.

The Deputy Senate President, Chief Ike Ekweremadu, who presided over the Senate session, urged Nigerians to investigate such schemes before investing into them.

He maintained that the urge for quick wealth can only lead to destruction. He, therefore, advised Nigerians against desperation maintaining that there is need people to be contented.