Reported by: Ijeoma G | Edited by: Henry Owen | Stone Reporters News
Nigeria recorded cryptocurrency transactions worth more than $50 billion between July 2023 and June 2024, highlighting the growing appetite for digital assets among investors, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has revealed.
At an exchange rate of ₦1,500 to the dollar, the crypto activity translates to approximately ₦75 trillion, nearly two-thirds of the ₦98.8 trillion capitalization of the Nigerian equities market as of October 24.
Speaking at the annual conference of the Chartered Institute of Stockbrokers, Dr. Agama said the high volume of crypto transactions underscores the financial sophistication and risk-taking tendencies of Nigerian investors—traits that the traditional capital market has struggled to harness.
“This paradox is revealing. Nigerians clearly have a strong appetite for risk, but not the confidence or access to channel that energy into productive investment,” Agama remarked.
Despite the enthusiasm for cryptocurrencies, fewer than four percent of Nigeria’s adult population actively participates in the capital market. In contrast, over 60 million Nigerians engage in daily gambling, with estimated transactions totaling $5.5 million.
Dr. Agama warned that the predominance of speculative behavior over structured investment signals a worrying erosion of trust in the country’s formal financial system. He urged policymakers to create mechanisms that would restore confidence and provide accessible, secure avenues for productive investment.
The SEC chief stressed the need to bridge the gap between Nigeria’s high-risk appetite and the relatively low participation in regulated investment channels to strengthen the overall financial ecosystem.
📰 Stone Reporters News
🌍 stonereportersnews.com | ✉️ info@stonereportersnews.com
📘 Facebook: Stone Reports | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments