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Nigeria’s cryptocurrency market valued at over $400m – SEC DG

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Nigeria’s cryptocurrency market valued at over $400m - SEC DG

Dr. Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC) says Nigeria’s cryptocurrency market is estimated to be worth over $400 million.

The SEC DG spoke at the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja on Thursday, with the theme, “Crypto Assets and the Nigerian Economy: Implications for Financial Markets Regulation”.

According to him, a “significant portion of the population is involved in cryptocurrency trading and transactions”, predicting that the market volume “will reach $52.5 million by 2028”, representing “a 12.66 percent increase from 2024 to 2028”.

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Agama noted that despite economic challenges, Nigeria has “emerged as one of the leading countries globally in terms of crypto adoption and volume of transactions”.

Speaking further, 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.”

However, Agama acknowledged that challenges persist, including concerns over illicit activities, regulatory uncertainty, security concerns, and financial literacy.

“A balanced regulatory approach is essential to harness the benefits of crypto assets while mitigating risks,” he emphasized.

Also speaking, Chairman of the Securities and Exchange Commission, Mr. Mairiga Katuka, said the introduction of crypto presents an advantage for the markets and urged all to chart a course forward for Nigeria with its vibrant financial markets.

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