Experts in Nigeria’s derivative market have disclosed plans by the Securities and Exchange Commission Nigeria, to roll out a regulatory framework for the market by 2020.
He disclosed that SEC is coming up with a draft for the framework, saying the delay in its roll is due to the non-constitution of the Commission’s board.He said the regulatory process will commence once the board has been constituted, saying: “We have had a meeting with the team and they have also invited us for conversations on the process, as we are a major player in the industry.
“Actually, there is still a little bit of doubt from Nigerians, but we are putting in a lot of mechanism in place to ensure that the doubt is watered down by getting regulatory framework in other jurisdictions. “Regardless of what the youths are doing at the moment, even as students, they can still trade, rather than charting their lives away, they could turn their phone into a ‘Dollar Dispensing Device’,” he added.Earlier in his remarks, Founder/Chief Executive Officer, HGL, Yu Lap Tang, said the Nigerian economy is currently on the path to positive growth given to the exchange rate stability in the country.
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