Nigeria's Securities and Exchange Commission (SEC) has valued the local cryptocurrency industry at $400 million. The SEC's head praised cryptocurrency for its potential to aid 38 million unbanked citizens, highlighting that while some people do not have bank accounts, they possess digital wallets. The SEC has mandated that exchanges and traders re-register within the next 30 days. Additionally, the Nigerian SEC boss noted that approximately 33.4% of Nigerians own or use cryptocurrencies, presenting an opportunity to extend financial services to the unbanked population. Furthermore, the SEC chief, Emomotimi Agama, emphasized that cryptocurrencies like Bitcoin can lower remittance costs from abroad, benefiting the unbanked.