Nigeria SEC Proposes ₦1 Million Per-Client Penalty for Forex and CFD Platforms

Nigeria's Securities and Exchange Commission has proposed a ₦1 million per-affected-client penalty for online forex and CFD trading platforms operating in breach of its rules, alongside a proposed ₦3 billion minimum capital for forex brokers and ₦5 billion for trading platforms. The proposed thresholds are expected to significantly reshape the structure of Nigeria's retail forex and CFD market.