Nigeria's Crypto Transactions Exceed $50 Billion
Nigeria recorded cryptocurrency transactions worth over $50 billion between July 2023 and June 2024, according to the SEC Director-General, Dr. Agama.
With an exchange rate of N1,500 to the Dollar, this amount translates to N75 trillion, approximately two-thirds of the Nigerian equities market capitalization, which currently stands at N98.8 trillion as of October 24.
The sheer volume of digital asset activity underscores both the financial sophistication and risk appetite of Nigerian investors — a demographic the traditional capital market has failed to attract.
Author's summary: Nigeria's crypto transactions reached $50 billion in one year.
- Timeframe: July 2023 - June 2024
- Transaction value: over $50 billion
- Naira equivalent: N75 trillion
- Nigerian equities market capitalization: N98.8 trillion
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