2024

Million

The Nigerian Securities and Exchange Commission (SEC) recently valued the country’s cryptocurrency industry to be worth more than $400m. 
This information came from the Director General of SEC, Emomotimi Agama, as he spoke at the Abuja 2024 Annual Conference of the Association of Capital Market Academics in Nigeria (ACMAN). 
According to <a href="https://thesun.ng/sec-values-nigerias-cryptocurrency-market-at-over-400m/" target="_blank" rel="noopener">local reports</a>, Agama stated that Nigeria is one of the leading countries in terms of embracing virtual currencies. The country recorded $56.7 billion worth of transactions between July 2022 and June 2023, reflecting a YoY growth rate of 9%, which denotes growing crypto activities within its domain. 
Therefore, this means that the country’s unbanked population (estimated to be about 33.4%) can access financial services via cryptocurrencies through digital wallets. 
Additionally, it is believed that cryptocurrencies will help streamline cross-border payment systems, especially remittances by our migrants which may reduce transfer costs by half. 
However, these benefits displace some of the problems experienced by Agama such as regulatory uncertainties, cyber risks, and insufficient financial knowledge among Nigerians. He also emphasized the importance of developing a balanced regulatory framework to foster innovation while protecting investors and consumers. 
SEC Chairman Mairiga Katuka also addressed the conference, stressing the opportunities presented by cryptocurrencies for Nigeria’s financial markets. He further called for collaboration among stakeholders to develop a sustainable approach to cryptocurrency integration in the country’s financial system. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/30/michael-dell-btc-poll-spark-buzz-amidst-crypto-enthusiasts/">Michael Dell BTC Poll Spark Buzz Amidst Crypto Enthusiasts</a> 
</blockquote>

Nigeria’s Crypto Market is Valued at $400 Million – SEC Reports

The Crypto Times

Другие статьи, опубликованные 29 июн. 2024 г.

Top Crypto Presale in June 2024: MoonBag Promises 88% APY to Early Investors

MOG Meme Coin Price Explodes Over 100%, Flips BOME: What’s Next for the Solana Token?

Analyst Identifies Bitcoin Liquidity Pools You Should Be Aware Of Going Into July

Samson Mow Predicts Bitcoin Price Surge

Stock Exchange: Ride The Record Highs, But Beware of Elections!

Moonbag Investors Keep Their Eyes Peeled As Angry Pepe Fork Could Steal The Crown For Top Crypto ...

Join our free newsletter for daily crypto updates!