Nigeria Exchange to use blockchain in settling transactions

PHOTO

Nigerian Exchange Ltd intends to launch a blockchain-enabled exchange platform next year in order to expand trade and attract new investors.

Temi Popoola, the Chief Executive of Nigeria Exchange Limited (NGX), stated in an interview with Bloomberg that the exchange is looking to use blockchain technology to settle capital market transactions.

“That is the kind of technology that a lot of young and future Nigerians utilize, and that is what we want to see.”

According to Popoola, the Nigerian bourse would partner with a technology business and obtain regulatory clearance before launching in 2023.

Popoola believed that digitizing transactions will help attract young buyers looking for a variety of products as well as quick and easy access to the market.

Recall that last year, MTN Group Ltd’s Nigeria unit released the bourse’s first complete electronic share offering, which was 1.2 times oversubscribed, with 85 per cent of the investors being under 40 years old.