The Chartered Institute of Stockbrokers has requested some strategic support from the Central Bank of Nigeria to enhance financial intermediation roles of its members and boost transactions in the Nigerian securities market.
Adeosun, who noted that Cardoso had been a long-standing member of the Institute, explained that stockbroking firms required some supports fromBesides, Adeosun affirmed the capacity and willingness of stockbrokers to support the proposed recapitalization of banks in the next 24 months. According to him, this has been demonstrated during the previous recapitalization programmes in Nigeria.
“We request that securities of publicly listed banks should be allowed as marginable securities as long as these securities pass the “Criteria for Determining Marginable Securities” test. Margin lending drives the growth of capital markets in the advanced countries by enabling investors to acquire securities in excess of their direct savings within a regulated market framework.
Given the critical role of pension fund investment in galvanizing liquidity in the domestic equity market, Pension Fund Administrators should be investing a substantially higher proportion of their funds on equities. We therefore seek the support of the CBN to engage with PENCOM in this regard”, said Adeosun
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