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“Being a crypto and fintech enthusiast, I can tell you this is going to happen sooner than expected. We must support the youth of this country in harnessing the benefits that fintech offers. The market is vast and continues to grow,” he stated.

He added that this regulatory move aligns Nigeria with other global markets such as the European Union, South Africa, and Botswana, which have already taken steps to oversee the digital asset class, according to Bloomberg.

Reiterating the need for a digital environment, Agama explained that the Central Bank of Nigeria’s ban on banks facilitating crypto transactions was due to concerns over exchange rate manipulation and the naira’s depreciation.

He added that the SEC’s decision underscores the need for a structured environment where digital transactions can be conducted transparently.

However, PUNCH Online reported last year that the Central Bank of Nigeria had reversed its stance on crypto assets and instructed banks to disregard the earlier ban on crypto transactions.

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