According to Decrypt, the Nigerian Securities and Exchange Commission (SEC) recently announced that the country's cryptocurrency industry is valued at $400 million. Emomotimi Agama, chairman of the Nigerian SEC, said at a press conference that despite the recent crackdown on crypto exchanges, crypto trading volumes are expected to increase in the coming years. Currently, about 33.4% of the population in Nigeria holds or uses cryptocurrencies.

Nigeria ranked 11th in the 2022 Global Crypto Adoption Index and jumped to 2nd in 2023. However, the country's crypto regulatory framework remains unclear as the Central Bank of Nigeria prohibits banks from facilitating crypto transactions. Agama stressed that the lack of a comprehensive regulatory framework not only harms the economy, but also makes operators and traders vulnerable to cyber threats.