The cryptocurrency market in Nigeria is valued at over $400 million, according to the Securities and Exchange Commission (SEC).
The Securities and Exchange Commission (SEC) Director General, Emomotimi Agama, revealed that Nigeria's cryptocurrency market is now valued at over $400 million, with a significant number of individuals actively participating in cryptocurrency trading and transactions.
During the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, under the theme 'Crypto Assets and the Nigerian Economy: Implications for Financial Markets Regulation', Agama forecasted that Nigeria's cryptocurrency market volume is expected to reach $52.5 million by 2028, indicating a notable 12.66% growth from 2024 to 2028.
Agama emphasized that despite prevailing economic challenges, Nigeria has emerged as a global leader in terms of crypto adoption and transaction volume. He also highlighted that reports demonstrate Nigeria's crypto transaction volume surged to $56.7 billion between July 2022 and June 2023, reflecting a substantial 9% year-over-year growth.