As Nigerian investors’ patronage for foreign stocks surges, the Securities and Exchange Commission has announced a tighter regulatory oversight of local brokers aimed at cooling off demand for foreign stocks.
The regulator wants to draw a curtain on a period that saw legions of young Nigerians turn to online platforms to invest in stocks and digital currencies. The need to protect savings took on more urgency after the central bank devalued the local currency three times within a year while inflation accelerated at the fastest pace in four years.
At least 400,000 Nigerians poured funds into foreign stocks through online brokers in the past 18 months, Obisan said.
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