By Oyewole Edward | March 19, 2026
Nigeria’s digital asset market is approaching a major milestone, with total cryptocurrency transaction volume estimated at nearly $100 billion. The figure highlights the country’s growing influence in the global crypto ecosystem while reinforcing the need for stronger regulatory supervision.
The disclosure was made by Emomotimi Agama, Director-General of the Securities and Exchange Commission, during a stakeholder forum held in Abuja. The event, convened by the Federal Ministry of Finance, focused on financial market development and emerging risks in the digital economy.
Agama noted that cryptocurrency activity in Nigeria has grown to an estimated $96 billion in transaction value, a scale he described as too significant to operate without strict oversight. According to him, the rapid expansion of virtual asset usage requires regulators to adopt more robust frameworks to safeguard investors and maintain financial stability.
Nigeria has emerged as one of the most active cryptocurrency markets globally, driven by its youthful population, widespread mobile technology adoption, and persistent currency challenges. Many Nigerians increasingly rely on digital assets as an alternative means of storing value and conducting transactions. However, this surge has also raised concerns around fraud, price volatility, and the potential risks posed by unregulated platforms.
To address these challenges, authorities have introduced the Investment and Securities Act 2025, which strengthens the SEC’s authority over digital assets and formally establishes it as the primary regulator of the capital market. The legislation includes provisions aimed at improving market transparency, monitoring risks, and aligning Nigeria’s financial regulations with international standards.
Beyond cryptocurrency, Nigeria’s broader capital market has recorded notable growth. In 2024 alone, the SEC approved approximately ₦3.68 trillion in new issuances across equities and debt instruments. This expansion has supported banking sector reforms, with over 30 financial institutions raising capital to meet updated regulatory requirements.
Market capitalisation has also risen significantly, increasing from about ₦55 trillion in 2024 to roughly ₦127 trillion. This growth has pushed the market capitalisation-to-GDP ratio from 13% to approximately 33%, reflecting deeper financial market participation within the economy.
At the same time, regulators are intensifying efforts to protect investors. The SEC has issued dozens of warnings about suspicious investment schemes and continues to collaborate with the Nigeria Police Force to investigate fraudulent activities, particularly Ponzi-style operations promising unrealistic returns.
Despite these gains, fiscal pressures remain a concern. Volatile oil prices and lower production levels continue to affect government revenues, while rising debt obligations add further strain. Nonetheless, authorities remain optimistic that a stronger, more regulated financial system will support long-term economic growth.
