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High FX Transactions Weaken Naira by 0.04% at I$E

By Aduragbemi Omiyale

On Thursday, December 15, 2021, a total of 91 newly Authorised Dealing Clerks were inducted at a ceremony held at the Nigerian Exchange (NGX) Limited premises in Lagos.

At the event, the chief executive of the exchange, Mr Temi Popoola, charged the newly inducted brokers to uphold ethics and embrace continuous learning, reminding them that a Memorandum of Understanding (MoU) has been signed with the Economic and Financial Crimes Commission (EFCC) for the implementation of the exchange’s zero-tolerance policy on infractions.

He emphasised that for them not to be found wanting, they must uphold the high standard of ethics in the capital market, advising them to be advocates of integrity and impeccable character, with the penchant to place the market first in their decision-making.

He also stressed the need for them to embrace a culture of continuous learning to keep up with the fast pace of developments and innovation in the financial space.

“Technology is increasingly going to drive our business operations and activities going forward.

“Over the years, the exchange has demonstrated its readiness for digital transformation, as evinced by our seamless transition to virtual trading following the incursion of the COVID-19 pandemic.

“Our trading platform and real-time data service remain a game changer in the capital market. Through these platforms, we have improved market order flow, sustained increase in the number of trades, provided high availability and enabled direct market access and remote trading,” he stated.

Mr Popoola urged the inductees to take advantage of NGX’s specialised learning platform, X-Academy, to gain more knowledge and maximise opportunities to stay up to date on market developments.

On his part, the doyen of the market, Mr Rasheed Yusuf, congratulated the new brokers, stating that their induction was coming at a time of significant volatility and uncertainty in global markets and the world’s economy.

“I will urge you all to be innovative, creative and ethical as the market is in need of your skills to increase its contribution to the economy.

“The exchange and the capital market constitute a platform to turn around the fortunes of the Nigerian economy, and I encourage you to leverage every channel available to create impact,” he said.

Also speaking, the Chairman of the Governing Council of the Association of Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, and the President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers (CIS), Mr Oluwole Adeosun, further underscored the importance of keeping to the rules and regulations of the market to the new brokers and strive to make contributions to the development of the market.

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