According to Odaily, Emomotimi Agama, the Chairman of the Nigerian Securities and Exchange Commission, has predicted an increase in cryptocurrency trading volume in the coming years, despite the country's recent crackdown on exchanges. Agama stated that the estimated value of the country's cryptocurrency market exceeds $400 million, with a significant portion of the population participating in cryptocurrency trading.
Nigeria boasts a thriving cryptocurrency market, ranking 11th in the 2022 Global Cryptocurrency Adoption Index published by Chainalysis. Despite the Central Bank of Nigeria's ongoing ban on banks conducting cryptocurrency transactions, the country's index ranking still jumped to second place in 2023. According to Agama's data, at least 33.4% of the country's population owns or uses cryptocurrency.