Nigeria recorded $96 billion in transactions in cryptocurrencies, another digital asset

The Director General of the Securities and Exchange Commission (SEC) Emomotimi Agama, has revealed that the Nigerian digital space, cryptocurrency operations have reached $96 billion in transactions

He stated this on Monday in Abuja during the Citizen and Stakeholder Engagement Session organized by the Federal Ministry of Finance in Abuja.

According to him, the scale of activity in the digital asset market requires regulators to place this sector under stricter supervision.

“As we speak today, it is a known fact from research and statistics that virtual asset service providers and the digital space, cryptocurrency operations are in the range of $96 billion in transaction flow in Nigeria, and that is important for us to manage,” he said.

The regulatory framework governing this area has been strengthened with the enactment of the Investment and Securities Law 2025, which gives the commission the authority to regulate digital assets and other new financial technologies, he said.

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He explained that the law also reaffirms the SEC as the supreme regulator of Nigeria’s capital markets while introducing provisions aimed at monitoring systemic risks and aligning the country’s market operations with global standards.

Agama stated that the capital market continues to support investment in key sectors of the economy, noting that the commission approved new capital market issuance worth N3.68tn in 2024, which includes equity and fixed income instruments.

He added that markets also played a major role in strengthening the banking sector during the recent recapitalization exercise, with over 31 banks raising funds through capital markets to meet new capital requirements.

The SEC boss noted that overall market performance has improved significantly in recent years, with total market capitalization increasing from about N55tn in 2024 to about N127tn currently.

He further stated that the capital market’s contribution to the economy had increased, along with the increase in the ratio of market capitalization to gross domestic product from around 13 percent to around 33 percent.