Mr Moghalu has stated that CBN's ruling does not criminalize the use and trade of cryptocurrencies in Nigeria.
Crypto pundits believe the action taken by the CBN was rather detrimental to the growing industry.
Bitcoin traded at $38,371.01 with a daily trading volume of $63.1 billion and is down 0.62% for the day.
The CBN explained in detail its directive to banks to desist from transacting in and with entities dealing in cryptocurrencies.
The CBN is said to have been warned by the FBI on the activities of fraudsters using cryptos to illegally bring in funds into the country.
The recent crypto prohibition by the CBN has stirred the reactions of Nigerians on social media.
Cardano was trading at $0.643587 up 19.82% on the day - the largest one-day percentage gain since February 5
Ethereum miners earned $3.5 million in a single hour – the highest hourly revenue to date.
A legal analysis of CBN’s decision to prohibit banks from facilitating crypto-related transactions through the banking system.
Nigeria and other worst countries in the world to start a career have something in common - they don't accept crypto.