The Securities and Exchange Commission has said technology, innovative financial instruments and the impact of the COVID-19 pandemic are transforming the operations of the capital market.
SEC said this while commending the Nigerian Exchange Limited, the Central Securities Clearing System, and other capital market stakeholders working to develop the market while dealing with the challenges brought to the fore by the COVID-19 pandemic and its variants.
The Director-General, SEC, Mr Lamido Yuguda, who spoke at a meeting with these stakeholders in Abuja on Wednesday, said, “The past two years have been challenging for the Nigerian capital market, which is largely a reflection of the pandemic-related unexpected challenges in global markets.
“However, the NGX has continued to deploy capable resources to tackle elements militating against the market’s growth. You will agree with me that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the Nigerian capital market, including the commission and the NGX Ltd.
“This emphasises the importance of collaboration on the growth of our market.”
According to him, the launching of the Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and the X-Public Offer initiatives are achievements that support the common goal of building a world-class capital market.
Yuguda highlighted the challenging task ahead and the new threats brought forth by financial technology.