Nigeria’s capital market regulator, the Securities and Exchange Commission, has raised concerns over the growing preference of Nigerians for cryptocurrency trading over investments in the traditional capital market.
According to the Director-General of the SEC, Emomotimi Agama, more than $50bn worth of cryptocurrency transactions passed through Nigeria between July 2023 and June 2024, reflecting a high level of investor sophistication and risk appetite that has not translated into participation in the formal market.
Over $50 bn worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024, underscoring the sophistication and risk tolerance of investors that the traditional market has yet to capture.”