• Nigerians’ participation in CFD rises despite lull in crypto marketDirector General of SEC Nigeria, Lamido Yuguda, stated this during a meeting with a delegation from SEC Ghana in Abuja, yesterday.
In his response, Director General of SEC Ghana, Rev. Daniel Ogbarmey Tetteh, said his organisation has been leveraging on the MoU signed with Nigeria few years ago to develop the capital market in Ghana. A report by Infinox Capital estimates monthly trading volume by Nigerians at between N10 and N20 billion. The number of traders is pegged at between 800,000 and one million.A whopping $1.2 trillion was wiped off the entire cryptocurrency market in the second quarter with bitcoin, the flagship coin, seeing its worst performance in a decade with about 58 per cent of its value lost.
The period may have marked a significant shift of preference among Nigerian youths who are fast embracing the global financial market.For instance, Infinox Capital, a global brokerage firm that has operated in Nigeria since 2019, witnessed a dramatic surge in subscription in May and June, when it registered 4,657 clients.
“The number of Nigerian forex traders is estimated at 800,000 to 1,000,000 with approximately 25 per cent of these active traders,’’ says the report.
Let them start quickly before people dies of high cost of living