Nigeria's Securities and Exchange Commission (SEC) has expressed concern over the substantial diversion of funds from the capital markets due to cryptocurrency transactions and gambling activities. Between July 2023 and June 2024, crypto transactions in Nigeria exceeded $50 billion, while daily gambling stakes averaged $5.5 million. With less than 4% of adults investing in the capital markets, the SEC warns that these trends are worsening economic issues like inflation and poverty. The regulator is advocating for reforms to bring cryptocurrency under its regulatory framework and to create new financial products to enhance market participation.