Festus Akanbi, with agency reports
As Nigerian investors’ patronage for foreign stocks surges, the Securities and Exchange Commission (SEC) has announced a tighter regulatory oversight of local brokers aimed at cooling off demand for foreign stocks.
The apex regulatory body in the nation’s capital market now plans to register brokers selling stocks of foreign companies as more Nigerians pile into the assets to hedge against inflation and currency weakness. An earlier effort last month met local resistance, backfiring after warnings alerting people of risks and threats to sanction local traders.
“The commission plans to actively monitor the local market in foreign stocks in furtherance of our mandate of ensuring investor protection and market transparency,” Dayo Obisan, executive commissioner for operations of the SEC, said in an interview.
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