According to Okorafor, dealers and investors in any kind of crypto currency in Nigeria are not protected by law.
Okoroafor said that virtual currencies were traded in exchange platforms that were unregulated all over the world.
He also said that customers might therefore, lose money without legal redress in the event that exchanges collapse or close business.
The News Agency of Nigeria (NAN) reports that crypto currency is a digital asset designed to work as a medium of exchange that uses cryptography.
Cryptography is the art of writing and solving codes to secure its transactions, control the creation of additional units, and to verify the transfer of assets.
The CBN had in January 2017, issued a circular to banks and other financial institutions on virtual currency operations in the country.