TechFlow News, according to Decrypt, the Nigerian Securities and Exchange Commission (SEC) recently announced that the country's cryptocurrency industry is now valued at $400 million. Emomotimi Agama, Chairman of the Nigerian SEC, stated at a press conference that despite recent intensified crackdowns on crypto exchanges, trading volume is expected to rise in the coming years. Currently, approximately 33.4% of Nigeria's population owns or uses cryptocurrencies.
Nigeria ranked 11th in the 2022 Global Crypto Adoption Index and rose to 2nd place in 2023. However, the country's regulatory framework for crypto remains unclear due to the Central Bank of Nigeria banning banks from facilitating crypto transactions. Agama emphasized that the lack of a comprehensive regulatory framework not only harms the economy but also exposes operators and traders to cyber threats.
