Nigeria Records Over $50 Billion in Crypto Transactions
Nigeria witnessed cryptocurrency transactions exceeding $50 billion between July 2023 and June 2024, according to the Director-General of the Securities and Exchange Commission (SEC), Dr. Agama.
With an exchange rate of N1,500 to the Dollar, the amount translates into N75 trillion, about two-thirds of the capitalization of the Nigerian equities market capitalization currently at N98.8 trillion as of Friday, October 24.
The sheer volume of digital asset activity underscores both the financial sophistication and risk appetite of Nigerian investors — a demographic the traditional capital market has failed to attract.
Author's summary: Nigeria's crypto transactions exceeded $50 billion.
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