SEC Reports $50 Billion in Crypto Transactions Across Nigeria

Nigeria’s Securities and Exchange Commission (SEC) has reported over $50 billion in crypto transactions between July 2023 and June 2024, highlighting the country’s rapid growth in digital asset activity, according to Sigma.world. SEC Director-General Dr. Emomotimi Agama noted that despite this surge, fewer than 4% of Nigerian adults participate in traditional capital markets, while more than 60 million people gamble daily.

Agama warned that this imbalance limits economic growth and called for stronger regulation, improved investor protection, and better integration of blockchain innovation into the formal financial system. The SEC aims to boost market participation and address rising risks linked to crypto and online betting.

Source: Sigma.world.