Nigeria's $96 Billion Cryptocurrency Transactions Demand Regulation

Nigeria's digital finance ecosystem has recorded $96 billion in virtual assets and cryptocurrency transactions, as disclosed by Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), during a stakeholder engagement session organized by the Federal Ministry of Finance in Abuja. This significant transaction volume necessitates the establishment of regulatory frameworks to ensure proper supervision of the sector.

The SEC plans to enact the Investment Securities Act 2025 to empower the commission in regulating digital assets and emerging financial technologies. The new law aims to monitor systemic risks and align Nigeria's market operations with global standards.

Agama noted that the SEC has approved N3.68 trillion worth of new capital market issuances for 2024, including equity and fixed-income instruments. The commission is also intensifying efforts to clamp down on fraudulent investment schemes and Ponzi operations, warning citizens to verify investment opportunities against SEC approval.