Nigeria's SEC Reports $96 Billion in Crypto Transactions

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

Agama highlighted the necessity for regulatory measures to strengthen oversight in the digital asset market. The SEC plans to enact the Investment Securities Act of 2025, which will empower the commission to regulate digital assets and emerging financial technologies.

He noted that the capital market has approved N3.68 trillion worth of new capital market issuances for 2024, covering equity and fixed income instruments. The SEC aims to increase the market capitalization to GDP ratio to 30%, aligning with global standards.

Additionally, the SEC issued 90 advisory notices warning against suspicious investment schemes and emphasized the importance of investor verification to combat fraud.