Umaru Ibrahim, Managing Director and CEO of the Nigeria Deposit Insurance Corporation (NDIC), has urged Nigerians to exercise caution when using cryptocurrencies for transactions. During a visit to the Speaker of the House of Representatives, Femi Gbajabiamila, at the National Assembly in Abuja, Ibrahim highlighted the potential risks of digital currencies.

Ibrahim emphasized that although cryptocurrencies offer several advantages, they operate without regulation and are not supported by traditional banks in most financial systems, making them risky for sending or receiving money.

Ronke Sokefun, NDIC Board Chairman, added that the NDIC plays a crucial role in maintaining Nigeria’s financial stability. She noted that NDIC is the first public sector organization in Nigeria to simultaneously receive three International Standard Organization (ISO) certifications from the British Standards Institute, thanks to its efficient systems and processes. Sokefun also sought the House’s support in passing the NDIC Act Amendment Bill, currently under review by the National Assembly.

In response, Speaker Gbajabiamila praised NDIC’s visit, viewing it as a positive step toward fostering collaboration between the executive branch and government agencies. He acknowledged the growing global integration of cryptocurrencies into the financial system and urged NDIC and other regulatory bodies to develop a suitable regulatory framework for managing digital currencies. He assured the House’s commitment to assigning the appropriate committee to oversee the Corporation’s operations.