The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has stated that Nigeria’s cryptocurrency market is estimated to be worth over $400 million, with a significant portion of the population involved in cryptocurrency trading and transactions.
Speaking at the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday 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 and 2028.
Agama said 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-per cent 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.”
While disclosing that approximately 33.4% of Nigerians own or use cryptocurrencies, the DG said the country can take advantage of the large number to further provide financial services for the over 38 million unbanked adults.
