Nigeria's SEC Reports $96 Billion in Crypto Transactions

The Securities and Exchange Commission (SEC) of Nigeria, led by Director General Emomotimi Agama, disclosed that the country's digital finance ecosystem has recorded $96 billion in cryptocurrency transactions. This announcement was made during a stakeholder engagement session organized by the Federal Ministry of Finance in Abuja.

Agama highlighted the importance of establishing necessary regulatory frameworks to enhance oversight in the digital asset market. He reaffirmed the SEC's commitment to supporting investments across various sectors of the economy and noted that the commission has approved N3.68 trillion worth of new capital market issuances for 2024.

Furthermore, Agama mentioned that the total market capitalization has risen to N55 trillion in 2024, reflecting significant improvement in market performance. He also discussed the SEC's efforts to protect investors and warned against fraudulent investment schemes, urging individuals to verify investment opportunities with the SEC.