Nigeria plans blockchain-enabled exchange platform next year

Nigerian Exchange plans to start a blockchain-enabled exchange platform next year to deepen trade and lure young investors to the market. Picture: BLOOMBERG

The exchange looks to deploy the blockchain technology in settlement of capital market transactions, Temi Popoola, the CEO of Nigeria Exchange, said in an interview. “For a lot of young and upcoming Nigerians, that is the kind of technology they adopt and we want to see how we can deploy it to grow our market,” Temi said.

The Nigerian bourse will partner with a technology firm and get the approval of regulators before the launch in 2023, according to Popoola. “Blockchain technology can facilitate different parts of the capital market, whether around creation of products or facilitation of the exchange to trade financial assets,” he added.

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