According to Securities and Exchange Commission (Nigeria) (SEC) Director-General Emomotimi Agama, Nigeria witnessed cryptocurrency transactions exceeding US $50 billion (approximately N 75 trillion at N1,500/USD) between July 2023 and June 2024.
The figure is particularly striking considering that Nigeria’s equities market capitalisation is currently around N 98.8 trillion—making the crypto volume roughly two-thirds of that size.
What the Numbers Reveal
- The scale of activity suggests a high degree of financial sophistication and risk appetite among Nigerian retail investors, per the SEC DG’s comments.
- Yet, paradoxically, fewer than 3 million Nigerians are registered in the formal capital markets, underscoring a deep divide between speculative crypto participation and formal investment channels.
- The SEC DG observed that while “a risk appetite clearly exists,” the lack of trust and access to productive investment vehicles remains a major hindrance.
See more related: Reps Panel Urges SEC to Rethink ₦1B Capital Benchmark for Crypto Operators
Implications for Nigeria’s Crypto & Financial Ecosystem
1. A booming informal market
The magnitude of crypto transactions points to an informal economy of digital-asset trading, often outside full regulatory oversight. This raises concerns related to money laundering, tax evasion, and investor protection.
2. Opportunity for formalisation and inclusion
The numbers highlight a massive untapped audience: those who engage in crypto but remain outside the regulated capital markets. This offers regulators and platforms a chance to bridge the gap with compliant, user-friendly crypto investment pathways.
3. Infrastructure and policy urgency
Given the volume of digital-asset activity, Nigeria’s financial regulators are under growing pressure to implement robust frameworks that protect investors, ensure transparency, and bring crypto into the broader financial architecture.
Conclusion
Nigeria’s US$50 billion crypto-transaction milestone is more than a headline—it’s a signal. It reflects both the growing importance of digital assets in the country’s financial ecosystem and the urgent need for regulatory, educational, and infrastructural upgrades. How Nigeria channels this activity will determine whether crypto becomes a driver of inclusive finance or remains a speculative sideline.
