Nigeria's Cryptocurrency Market Surpasses $96 Billion in Transaction Value

Nigeria's cryptocurrency market has experienced rapid growth, reaching an estimated $96 billion in transaction value, according to the Securities and Exchange Commission. The regulator is tightening oversight of virtual asset operators amid growing concerns about fraud, volatility, and systemic risks.

The new law has strengthened the commission's authority to oversee digital assets, formally recognizing the SEC as the apex regulator of Nigeria's capital market and introducing provisions to monitor risks and align local rules with global standards.