SEC Tells Nigerian Youths there is Money to Be Made From Capital Market as Crypto Adoption Increases
- The Securities and Exchange Commission (SEC) is encouraging young Nigerians to consider investing in capital markets
- Despite a recent surge, the commission is concerned that many Nigerian youths are uninterested in stock investing
- The concern is coming amid an increase in the number of young Nigerians investing in cryptocurrencies
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The Securities and Exchange Commission, or SEC, has urged Nigerian youngsters to invest in the capital market.
This was said by Lamido Yuguda, Director-General of the Securities and Exchange Commission, at a meeting in Abuja with a team led by the British Deputy High Commissioner.
According to him, there are various products and funds available in the market that would appeal to the Nigerian youths, Nairametrics reports.
Source: Getty Images
Given the average age of 50 years, he noted that most young Nigerians were not interested in participating in the country's capital markets, TheCable also reports.
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Yuguda said:
"The average age of that account holder was above 50, which made us realize that young people were not engaging in this market, and when young people do not participate in any market, that market is going to fail.
"And nowadays, young people want to do things on their phones; if you have to fill out a stack of paperwork physically, they will not do it. We want to make investing in the stock market enjoyable."
Yuguda also pointed out that the commission has started to examine the entire process to see what is turning off young people.
He added:
"We have begun the process and have witnessed how technology businesses are bringing much-needed relief to the type of bureaucracy that occurs in the capital market."
CBN asks Nigerians to Trust eNaira
Meanwhile, Legit.ng reported the Central Bank of Nigeria (CBN) has urged all Nigerians to use the eNaria, claiming it is more secure than cryptocurrencies.
This was disclosed by CBN spokesman, Nnamdi Okwuosa at the CBN Fair, with the theme, ‘Promoting financial stability and economic development.’
Explaining the benefits of eNaira, CBN said it is more reliable if Nigerians want a digital currency for online transactions.
Source: Legit.ng
