The Central Bank of Nigeria and other regulators of the country’s financial sector are insisting on the ban placed on trading in cryptocurrency.

They noted at a Senate hearing Tuesday that Nigeria with a volume of about 500 million dollars trade in cryptocurrency, ranks second after the USA including in fraudulent activities around bitcoin transactions.

Galaxy's Godfrey Eshiemoghie reports that CBN Governor Godwin Emefiele and Bolaji Owasanoye, Chair Independent Corrupt Practices and other related offences Commission ICPC, explain that Nigeria is at risk in allowing trading in crypto.

But the Security and Exchange Commission says it would support the development of a proper regulatory framework for cryptocurrency transactions and calls on regulators to understand the virtual asset space for effective regulations.

The rest of the session ended behind closed doors.