SEC to Discuss New Forex Trading Regulations at Summit
The Securities and Exchange Commission (SEC) is preparing to engage stakeholders regarding proposed regulations for online forex trading and contracts for differences at the 2026 Lagos Finance Summit. This Regulation Forum will occur from October 14 to 16 at the Landmark Event Centre, Victoria Island, Lagos.
The forum aims to gather forex brokers, introducing brokers, CBN-licensed banks, technology providers, legal practitioners, and traders to discuss the draft rules published on September 1. Proposed regulations include a minimum paid-up capital of N3 billion for market-making forex brokers and N2 billion for straight-through-processing and electronic communication network brokers.
Technology providers would face a N5 billion requirement. Additionally, brokers must segregate client funds in separate accounts with banks licensed by the Central Bank of Nigeria.
The SEC will allow existing operators three months to apply for registration and six months to comply with new requirements once the rules take effect. The consultation process aims to shape the final regulations regarding capital requirements and customer fund protection.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
Read full article
Continue on Punch Newspapers
Get the week in one email
Top stories, NPFL results, the naira, every Friday morning. Free, one email a week.
Related Stories
SEC to Enforce Stricter Forex Trading Rules at Summit
SEC Proposes N5bn Capital Threshold for Forex Trading
SEC Proposes N3bn Capital for Online Forex Brokers
SEC Proposes New Forex Regulations for Nigerian Brokers
SEC to Launch Capital Market Master Plan 2.0 in Abuja
SEC Proposes N2bn Capital Requirement for Crypto Firms
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
