from the country’s high inflation and devaluation, through virtual currencies, online bets and international stocks.Already, yields from many invested entities in the last 10 years are of little value to many holders of such stocks today, especially if the dividends of below N1 per share are anything to go by.
The exact definition of a millennial does not exist but vaguely, it refers to a person born between 1980 and 1990s. Yet, regardless of the precise definition, these are people who are now in their mid-lives. Millennials remember the entire crisis, as well as its aftermath and the blame that stocks had in it. Erasing these from memory is not easy and millennials who are already struggling to find decent employment and competitive salaries cannot be asked to risk their savings. After the crash, millennials have become focused on their immediate needs.
Adonri noted that the exchange has a yearly essay programme, which is designed to stimulate students’ interest in capital market investment. “The stock exchange has many outreach programs to enlighten the public on investments. With the migration of capital market transactions to the internet, young people who are addicted to the Internet can easily switch to the capital market.”However, he argued that these laudable efforts would be meaningless if fraudulent schemes are allowed to proliferate.
In Nigeria, most FinTech-related products are sold to millennials as AgriTech funds or pure peer-to-peer lending. The more esoteric AgriTech funds involve playing in a market that allows one to lend money to farmers in parts of the country one may never visit. They promise significantly higher returns than traditional investment and offer low rates of investment loss.For risk-loving millennials, ponzi schemes are the preferred form of investing.
Acting Director of Communications of the CBN, Osita Nwanisobi, said: “Evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus, explaining the significant volatility and variability in their prices.“Because the total number of Bitcoins that would ever be issued is fixed , new issuances are predetermined at a gradually decelerating pace.
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