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).
Dr. Agama noted that this massive transaction flow highlights the sophistication and risk appetite of Nigerian investors, which the traditional financial market has yet to fully capture.
the traditional financial market has yet to fully capture
Presentation at the Chartered Institute of Stockbrokers annual conference revealed that fewer than four percent of the country’s adult population are active investors in the traditional capital market.
- Cryptocurrency transactions: over $50 billion
- Timeframe: July 2023 - June 2024
- Active investors in traditional capital market: less than 4% of adult population
Author summary: Nigeria sees $50bn crypto transactions in a year, SEC DG reports.