Emomotimi Agama, Director General of the Nigerian Securities and Exchange Commission (SEC), highlighted the potential of cryptocurrency to provide significant benefits to the country's unbanked population. At ACMAN's 2024 Annual Conference, it was stated that Agama predicted that Nigeria's cryptocurrency market will reach $52.5 million by 2028.

Agama stated that Nigeria's cryptocurrency market is currently valued at over $400 million and a significant portion of the population is trading and transacting cryptocurrencies. The SEC boss emphasized that approximately 33.4% of Nigerians own cryptocurrencies, presenting an opportunity to provide financial services to the country's over 38 million unbanked adults.

However, Agama also acknowledged the challenges associated with cryptocurrency use, noting regulatory uncertainty, security concerns and financial literacy issues. Agama emphasized the need for a balanced regulatory approach to mitigate risks while leveraging the benefits of crypto assets.

Agama emphasized the need for a clear regulatory framework, enhanced cybersecurity measures and financial education to protect investors and promote a healthy digital asset market.

In April, Nigerian President Bola Ahmed Tinubu appointed Emomotimi Agama as the new chairman of the SEC. Agama was the former managing director of the Nigerian Capital Market Institute (NCMI).

Shortly thereafter, the SEC introduced an amendment to the initial Rules on Digital Asset Issuance, Offering Platforms, Exchange, and Custody. This program was designed specifically for virtual asset service providers (VASPs), paving the way for these organizations to comply with new regulatory requirements.

What path do you think Nigeria's cryptocurrency market should follow? We are waiting your comments.