The Securities and Exchange Commission (SEC) has revealed that more than 50 billion dollars worth of cryptocurrency transactions were conducted in Nigeria between July 2023 and June 2024.

According to the capital market regulator, this volume of cryptocurrency reflects the growing sophistication and risk appetite of Nigerian investors outside the traditional capital market.

Director-General of the SEC, Dr. Emomotimi Agama, disclosed this in a lead paper titled “Evaluating the Nigerian Capital Market Masterplan 2015–2025” presented at the annual conference of the Chartered Institute of Stockbrokers.

Agama said that despite this surge in digital asset activity, fewer than four percent of Nigeria’s adult population participate in the traditional capital market — a figure he described as troubling for economic growth and capital formation.

The SEC boss drew attention to Nigeria’s low market capitalization-to-GDP ratio, which he put at about 30 percent, compared to South Africa’s 320 percent, Malaysia’s 123 percent, and India’s 92 percent.

He noted that the gap reflects both the shallow depth of Nigeria’s market and the urgent need to rebuild investor confidence and broaden financial inclusion.