Nigeria recorded cryptocurrency transactions worth over $50 billion between July 2023 and June 2024, according to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama. At an exchange rate of ₦1,500 to the dollar, this amounts to about ₦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, Agama said the massive volume of crypto activity reflects the financial sophistication and risk appetite of Nigerian investors traits the traditional capital market has failed to capture. Despite this enthusiasm, he lamented that fewer than four percent of Nigeria’s adult population actively invests in the capital market, while over 60 million Nigerians participate in daily gambling worth an estimated $5.5 million.
“This paradox is revealing,” Agama said. “Nigerians clearly have a strong appetite for risk, but not the confidence or access to channel that energy into productive investment.” He warned that the dominance of speculative behavior over structured investment indicates a deeper erosion of trust in the nation’s financial system.
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