Nigeria’s cryptocurrency market worth over $400m – SEC 

The Director General of the Security and Exchange Commission (SEC) Emomotimi Agama, Thursday said Nigeria’s cryptocurrency market is worth over $400 million.

Speaking at the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, with the theme ‘Crypto Assets and the Nigerian Economy: Implications for Financial Markets Regulation’, the SEC DG, said the volume of the cryptocurrency market in Nigeria would hit $52.5 million in 2028, indicating a 12.66 per cent increase between 2024 to 2028.

 Agama added that despite economic challenges, the country has emerged as one of the leading countries globally in terms of crypto adoption and volume of transactions.

He said: “Reports indicate that Nigeria’s crypto transaction volume reached $56.7 billion between July 2022 and June 2023, representing a nine percent year-over-year growth.

“The country’s crypto market is estimated to be worth over $400 million, with a significant portion of the population involved in cryptocurrency trading and transactions.”