Nigeria’s Securities and Exchange Commission (SEC) has released a set of proposed rules on online forex (FX) trading and contract for difference (CFD).
Specifically, the SEC said an Online Forex Broker Dealer operating the Market Maker/Principal Operator model shall maintain a Minimum Paid-up Capital of N3 billion, unimpaired by losses.
The SEC proposes that the entity must maintain a Minimum Liquid Capital of either N2.4 billion (80 percent of the capital) or 10 percent of total liabilities (whichever is higher) at all times.
SEC also proposed that an Online Forex Broker operating the Straight-Through Processing (STP) Operator model or the Electronic Communication Network (ECN) model shall maintain a Minimum Paid-up Capital of N2billion, unimpaired by losses.
“The entity must maintain a Minimum Liquid Capital of either N1.6 billion (80 percent of the capital) or 10percent of total liabilities (whichever is higher) at all times,” SEC proposes. Related News Face 2027 alone, Tinubu won’t save you Climate hope: Inspiring stories from across Nigeria Nigeria’s pension reform must turn promises into retirement security
