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The Union Bank of Nigeria reportedly reported the encryption transactions

Reportedly, the Union Bank of Nigeria has warned against cryptocurrency transactions, according to an alleged letter sent to its users and published on November 26 by Nairaland, an online community addressed to Nigerians.

Nairaland, the largest Nigerian online community with over 55 million Internet users, has published a letter from the Union Bank, which cited the Central Bank of Nigeria "which advised cryptocurrency is not legal tender in Nigeria and warned against transactions in them. "Also states:

"In order to ensure the security of our clients' funds, Union Bank will monitor the accounts used for cryptocurrency transactions and may impose restrictions, including the termination of such accounts."

The Union Bank of Nigeria is managed commercially, with its assets totaling $ 4.1 billion from 2018. At the time of printing, the bank did not respond to a request for confirmation of the letter's authenticity.

This spring, Nigeria Deposit Insurance Corporation (NDIC), a Nigerian financial agency, had already warned its citizens against cryptocurrencies, as "various government agencies in Nigeria have warned citizens about the new form of money" , including the CBN, Cointelegraph reported on March 24th

Meanwhile, last week, the presidential candidate of Nigeria's main opposition party, the People's Democratic Party (PDP), Atiku Abubakar promised "to positively accelerate the economy through blockchain and cryptocurrency," wrote Cointelegraph on 25 November.

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