SEC DG: Regulatory uncertainty, fraud threaten Nigeria’s $400m crypto market

📆 6/28/2024 2:18 PM
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Emomotimi Agama, director-general of the Security and Exchange Commission (SEC), says Nigeria’s cryptocurrency market is worth over $400 million.

Emomotimi Agama, director-general of the Securities and Exchange Commission , says Nigeria’s cryptocurrency market is worth over $400 million.

The SEC DG said there is a significant portion of the population involved in cryptocurrency trading and transactions.He said the volume of the cryptocurrency market in Nigeria would hit $52.5 million in 2028, indicating a 12.66 percent increase between 2024 and 2028. “Crypto-currencies can significantly reduce remittance costs, with Bitcoin transactions cutting fees by up to 50 percent. Nigeria is one of the largest recipients of remittances in Africa,” the SEC boss said.

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Nigeria’s cryptocurrency market worth over $400m — SEC DGThe Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, disclosed yesterday that Nigeria’s cryptocurrency market is estimated to be “worth over $400 million”.
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