By Segun Adeyanju
Nigeria’s cryptocurrency market has recorded an estimated $96 billion in transaction value, highlighting rapid growth in digital finance and prompting intensified regulatory scrutiny, the Securities and Exchange Commission has said.
The Director-General of the commission, Emomotimi Agama, disclosed the figure during a stakeholder engagement in Abuja, noting that the scale of crypto activity in Nigeria demands stronger oversight of virtual asset operators.
He said the recently enacted Investment and Securities Act 2025 has significantly expanded the SEC’s authority to regulate digital assets, formally recognising it as the apex regulator of the capital market and enabling closer monitoring of emerging financial technologies.
The surge in crypto adoption has been driven by a youthful, tech-savvy population, currency pressures, and increasing reliance on alternative financial systems. However, regulators have raised concerns over fraud, volatility, and systemic risks.
Agama revealed that the SEC has issued over 90 advisories warning investors against suspicious schemes, with many victims lured by promises of unrealistic returns. The commission is also collaborating with the Nigeria Police Force to investigate and prosecute fraudulent operators, particularly those linked to Ponzi schemes.
Beyond digital assets, the SEC reported strong growth in the broader capital market. About ₦3.68 trillion in new issuances were approved in 2024, while market capitalisation rose from ₦55 trillion to ₦127 trillion, pushing the capitalisation-to-GDP ratio from 13 per cent to 33 per cent.
The capital market has also supported banking sector reforms, with more than 31 financial institutions raising funds to meet new regulatory requirements, while state governments continue to access bond markets to finance infrastructure projects.
Meanwhile, fiscal pressures persist, with authorities citing lower oil production and volatile crude prices as key challenges. Officials say tighter fiscal monitoring and a planned return to a single annual budget cycle by 2026 are expected to stabilise public finances.
The SEC said it aims to deepen market development further, targeting capital market expansion in line with major emerging economies.
