Nigeria's President Bola Tinubu has signed an executive order aimed at closing regulatory gaps in the country's cryptocurrency market. This move targets a market that reportedly received about $59 billion in inflows between July 2023 and June 2024, according to the International Monetary Fund (IMF).
The order is part of a broader effort by the Nigerian government to strengthen oversight and ensure the stability of its financial systems. Details about the specific measures included in the order are still emerging, but the focus is on addressing loopholes that have been identified in the rapidly growing crypto sector.
This development is significant for Nigeria, which has been one of the leading countries in cryptocurrency adoption in Africa. The regulation is expected to impact both local and international crypto businesses operating within the country.
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