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The Central Bank of Nigeria has warned Nigerians and financial institutions to stay away from bitcoin and other digital currencies.

The apex bank said the virtual currencies are not legal lenders in Nigeria and are unacceptable.

The bank called on financial institutions not to transact businesses in the currencies and anyone who does such, is at its own risk.

Digital currency bitcoin sold at $1000 in January 2017 and hit an all time high of more than $19000 in December.

Currently, the price of bitcoin has been stagnated in the last two weeks and financial experts around the world continue to discourage investors.

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