Connect with us

Business

Nigerian stock exchange to use blockchain for trade settlement

Nigerian stock exchange to use blockchain for trade settlement

 


The Nigerian Stock Exchange plans to use blockchain for trade settlement. Currently, younger investors are more into the crypto market, and exchanges do not get many users. For example, Nigeria’s largest stock exchange, Nigerian Exchange Ltd, plans to deploy a blockchain-based trading platform. This is something exchanges in many countries are considering, as the use of blockchain could enable same-day settlement instead of (t+1) or (t+2) day settlement.

Nigeria’s stock exchange for employee blockchain technology

The managing director of the exchange, Temi Popoola, said blockchain is the kind of technology that many young Nigerians want to adopt. So they are looking for ways to use it and grow their market. Most young Nigerian citizens are inclined to do crypto transactions on international platforms. So internal companies don’t see huge volumes.

One such platform is the Nigerian Stock Exchange, a Bitcoin platform where users traded $185 million in Bitcoin in the first quarter of 2022. The Nigerian Exchnage Ltd will partner with the Stock Exchange and gain regulatory approval before to launch the blockchain-integrated platform in 2023. They believe that the use of blockchain will become an efficient way to exchange financial assets and facilitate market access.

Nigerian stock exchange to use blockchain for trade settlement

Image source: Kenyan Wallstreet

However, all this is only possible if the authorities allow it. Unless the central bank allows regulatory authorities to use the blockchain, the exchange will not be able to proceed with the launch. And it will be difficult because the central bank of Nigeria has always been a big skeptic of cryptocurrencies. They even banned banks from dealing with crypto because they are supposed to pose a risk to the country’s financial system.

What are the benefits of using blockchain to settle transactions?

Blockchain can be used to automate and decentralize stock markets for a much more efficient experience. It will also help customers save a lot of money on commissions by speeding up the trade settlement process. Using blockchain can also largely eliminate the need for a third-party regulator. Indeed, the rules can be embedded in smart contracts, which apply automatically.


So what do you think the Nigerian Stock Exchange is planning to use blockchain? And do you think they will get regulatory approval from the Central Bank? Let us know in the comments below. Also, if you found our content informative, like it and share it with your friends.

Read also : The Celsius network pauses all transactions between accounts.

comments

comments

Sources

1/ https://Google.com/

2/ https://techstory.in/nigerian-stock-exchange-to-use-blockchain-for-trade-settlement/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]