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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. ....
Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria. “Higher real-exchange rate volatility is associated with an increased level of currency substitution,” central bank economists including Isaiah Ajibola, Sylvanus Udoette, Rabia Muhammad and John Anigwe said in the paper available on the central bank’s website. There is a need to contain “exchange-rate volatility and inflation as a way of curbing the spate of currency substitution in the country,” they said. One measure of currency substitution, the ratio of foreign cash deposits to naira deposits on demand in the banks exceeded the International Monetary Fund’s 30% threshold from 2009 following the global financial crisis, the researchers said. It hit a peak of 98.2% in 2014 before declining to 83% in 2018. ....
Nigerians Shun Naira For Foreign Currencies To Preserve Wealth saharareporters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saharareporters.com Daily Mail and Mail on Sunday newspapers.
MONEYWEB LIVESTREAM To protect wealth. 08:35 Image: Adetona Omokanye/Bloomberg Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria. âHigher real-exchange rate volatility is associated with an increased level of currency substitution,â central bank economists including Isaiah Ajibola, Sylvanus Udoette, Rabia Muhammad and John Anigwe said in the paper available on the central bankâs website. There is a need to contain âexchange-rate volatility and inflation as a way of curbing the spate of currency substitution in the country,â they said. ....
Nigerians Shun Naira for Foreign Currencies to Protect Wealth msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.