The House of Representatives has initiated moves to examine the economic and security effects of cryptocurrency trading and Point of Sale (POS) operations in Nigeria.
This decision follows growing concerns over the misuse of digital currencies and POS services for fraud, money laundering, and other illicit activities. Lawmakers expressed worry about the increasing rate of cybercrimes and financial scams linked to unregulated financial platforms.
The motion, raised during Tuesday’s plenary, seeks to engage relevant agencies — including the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and the National Security Adviser — to assess current regulations and propose measures to safeguard the nation’s financial system.
The House also emphasized the need to balance innovation and security, urging for frameworks that support legitimate digital finance while curbing its exploitation by criminal elements.
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