Nigerian Securities and Exchange Commission: Local Cryptocurrency Industry Valued at $400 Million

Odaily News Emomotimi Agama, chairman of the Nigerian Securities and Exchange Commission, predicted at a press conference on Friday that cryptocurrency trading will increase in the coming years despite the countrys recent crackdown on exchanges. The countrys cryptocurrency market is estimated to be worth more than $400 million, and a significant portion of the population is involved in cryptocurrency trading, Agama said. Nigeria has a thriving cryptocurrency market and ranked 11th in the 2022 Global Cryptocurrency Adoption Index released by Chainalysis. Despite the Central Bank of Nigerias continued ban on banks in the country from conducting cryptocurrency transactions, the country still jumped to second place in the index in 2023. According to Agama, at least 33.4% of the countrys population owns or uses cryptocurrency. (Decrypt)