Nigeria’s digital finance ecosystem recorded about $96bn in cryptocurrency and other virtual asset transactions, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, has disclosed.
Agama revealed this during a Citizens and Stakeholders Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, stressing that the scale of activity in the digital asset market makes it necessary for regulators to place the sector under stronger oversight.
“As we speak today, it is a known fact from research and statistics that the virtual asset service providers and indeed the digital space, cryptocurrency operation is within the range of $96bn in transaction flow in Nigeria, and that is important for us to manage,” he said.
According to him, the regulatory framework governing the space has been reinforced with the enactment of the Investment and Securities Act 2025, which gives the commission powers to regulate digital assets and other emerging financial technologies.
