Nigeria’s Crypto Boom Surpasses N75 Trillion in One Year, Challenges Traditional Markets

Nigeria’s cryptocurrency transactions have reached an unprecedented level, exceeding N75 trillion ($50 billion) between July 2023 and June 2024, according to Securities & Exchange Commission (SEC) Director-General Emomotimi Agama. This surge in crypto activity presents a paradox: despite Nigerian citizens’ strong engagement with risky financial activities like gambling (estimated at $5.5 million daily), they are largely neglecting the country’s traditional capital market. 60 million Nigerians reportedly participate in gambling while only 3 million actively engage in the stock market, indicating a disconnect between their risk appetite and investment strategy.