November 26, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-Union Bank of Nigeria Plc (UBN) has said it will henceforth monitor its customers accounts used for Transacting in Bitcoin and other Cryptocurrency.

“The Central Bank of Nigeria (CBN) has advised that cryptocurrency is not a  legal tender in Nigeria and has cautioned against transacting in them,” the lender said in an emailed notice to its customers.

According to Union Bank, in order to guarantee the security of its customers’ funds, the bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.

“We appreciate your patronage and we are committed to providing you with simpler, smarter banking services that best protect your interest and guarantee the security of your funds,” Union Bank said.