The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing through WAYVEPAY, saying the online platform is not registered to solicit public funds or operate in the Nigerian capital market. The commission urged investors to avoid the platform and its representatives, warning that dealing with unregistered entities could expose them to fraud and loss of funds. It advised the public to verify investment providers through its official registration portals.
Meanwhile, the naira weakened last week, falling 0.08% to N1,331.19 per dollar at the official market and 1.81% to N1,361 in the parallel market. The decline came despite a 0.18% increase in external reserves to $55.05 billion, as currency-market pressure and Middle East tensions weighed on the outlook.
Concerns about possible oil-supply disruptions near the Strait of Hormuz supported crude prices, despite reports of US-Iran talks. Brent crude traded at $103.10 a barrel and WTI at $90.84, both above their weekly opening levels, while Nigeria’s Bonny Light rose 0.17%.
