Cryptocurrency Transaction Flow in Nigeria
Nigeria recorded over $50 billion worth of cryptocurrency transactions between July 2023 and June 2024, according to Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC).
The massive transaction flow highlights the sophistication and risk appetite of Nigerian investors, which the traditional financial market has yet to fully capture.
Presenting a lead paper titled “Evaluating the Nigerian Capital Market Masterplan 2015–2025” at the annual conference of the Chartered Institute of Stockbrokers, Agama expressed concern over the alarmingly low participation of Nigerians in the traditional capital market.
Key statistics include:
- Fewer than four percent of the country’s adult population are active investors.
This situation is a major impediment to economic growth and capital formation.
Author's summary: Nigeria's cryptocurrency transactions hit $50bn.
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