The Nigerian Senate is urging the Federal Authorities to interrupt its silence on cryptocurrency and transfer swiftly to manage the booming digital asset trade within the nation, warning that continued hesitation might see Nigeria lose out on large {economic} advantages.
Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, made this name on Friday throughout a media parley in Abuja.
He careworn that Nigeria—presently ranked second in international cryptocurrency utilization—should now not ignore the digital {financial} revolution unfolding each inside and outdoors its borders.
“Our younger persons are thriving within the crypto house, however because of the absence of regulation, billions of naira value of property are leaving our economic system untaxed and unmanaged,” Izunaso mentioned. “The Central {Bank} could have rejected crypto initially, however the blockchain doesn’t look forward to regulation—it operates with or with out us.”
In accordance with latest information, Nigeria recorded roughly $59 billion in cryptocurrency transactions between July 2023 and June 2024.
This surge, largely fueled by inflation, naira depreciation, and the seek for various funding channels, locations Nigeria as a worldwide hub for digital finance adoption.
However regardless of the booming exercise, Izunaso warned that the dearth of a structured regulatory surroundings has uncovered traders to fraud, capital flight, and a rising wave of Ponzi schemes disguised as crypto platforms.
The senator revealed that the lately assented Funding and Securities Act 2025—which he sponsored—has formally legalised cryptocurrency in Nigeria and now locations digital property beneath the oversight of the Securities and Change Fee (SEC).
“This regulation is a game-changer,” he mentioned. “For the primary time, Nigeria has an omnibus laws that recognises digital property as a part of our {financial} ecosystem and gives a powerful authorized framework for his or her use.”
He additionally introduced robust new penalties to sort out {financial} crimes. Below the brand new regulation, operators of Ponzi schemes resist 20 years imprisonment, a transfer Izunaso says is supposed to “defend Nigerians from fraudulent traps that at all times finish in tears.”
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Crypto Regulation Key to Tinubu’s $1 Trillion Economic system Imaginative and prescient
Senator Izunaso linked the significance of a sturdy capital market—together with digital finance—to President Bola Tinubu’s goal of constructing a $1 trillion economic system.
“You’ll be able to’t get to a trillion-dollar economic system with out unlocking capital, and crypto is a robust automobile for that.
The cash market alone can’t carry that ambition. We have to give house for innovation, and that’s what this Act does,” he added.
He acknowledged that whereas the Central {Bank}’s e-Naira initiative struggled to achieve traction, the inclusion of digital property beneath the SEC might provide the structural help wanted to push Nigeria’s digital finance agenda ahead.
As a part of efforts to sensitize Nigerians, Izunaso disclosed {that a} nationwide consciousness marketing campaign will quickly be launched to unveil the complete provisions of the brand new Act.
“This isn’t the SEC of the previous,” he emphasised. “There are new instruments, new protections, and new alternatives obtainable. It’s time the general public knew what this regulation means for them.”
With digital finance quickly shaping the worldwide economic system, Senator Izunaso maintained that regulating crypto in Nigeria is now not only a coverage possibility—it’s an {economic} crucial.
