Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, made this call on Friday during a media parley in Abuja.
He stressed that Nigeria—currently ranked second in global cryptocurrency usage—must no longer ignore the digital financial revolution unfolding both within and outside its borders.
“Our young people are thriving in the crypto space, but due to the absence of regulation, billions of naira worth of assets are leaving our economy untaxed and unmanaged,” Izunaso said. “The Central Bank may have rejected crypto initially, but the blockchain does not wait for regulation—it operates with or without us.”
According to recent data, Nigeria recorded approximately $59 billion in cryptocurrency transactions between July 2023 and June 2024.
