The Securities and Exchange Commission (SEC) has warned Nigerians against investing through WAYVEPAY, an online investment platform not registered to solicit funds from the public or operate in Nigeria’s capital market.

The commission said the platform operates through a website, various social media channels, and a mobile application, and warned investors against conducting investment transactions with the entity or its representatives.

SEC advised members of the public to steer clear of WAYVEPAY and its agents in any business relating to the Nigerian capital market, stressing that anyone who deals with the platform does so at their own risk.

The commission warned that investing through unregistered and unregulated entities exposes investors to the risk of fraud and possible loss of their funds.

It urged Nigerians to verify the registration status of companies and other entities offering investment opportunities before committing their money.

Investors can confirm the status of fintech operators through the commission’s dedicated portal or the commission’s website to check registered capital market operators.

The commission also reiterated the importance of dealing only with appropriately registered entities to reduce exposure to fraudulent investment schemes and protect their funds.

Meanwhile, the naira depreciated by 0.08 per cent at the official foreign exchange market last week, closing at N1,331.19 to the dollar, as renewed pressure across Nigeria’s currency markets coincided with volatility in the global oil market amid heightened geopolitical tensions in the Middle East.

The local currency also weakened in the parallel market, losing 1.81 per cent week-on-week to close at N1,361 to the dollar, reflecting pressure across both segments of the foreign exchange market.

The depreciation occurred despite a modest improvement in Nigeria’s external reserves, which rose by 0.18 per cent week-on-week to $55.05 billion. The increase indicates a slight improvement in the country’s external liquidity position, although the naira continued to face pressure.

Developments in the international oil market remained a key factor for Nigeria’s foreign exchange outlook, as crude oil prices were poised for a weekly gain following heightened geopolitical tensions around the Strait of Hormuz, a strategic waterway for global oil shipments.

Reports of tanker attacks in and around the Strait heightened concerns about possible disruptions to global crude oil supplies. Although reports of productive talks between the United States and Iran initially reassured the market, they did not remove concerns about the potential impact of further escalation on oil shipments and supply.

Brent crude traded at $103.10 per barrel, while the United States benchmark, West Texas Intermediate (WTI), stood at $90.84 per barrel. Both benchmarks edged lower from their opening levels but remained above their weekly opens, indicating prices maintained their overall upward trend during the period.

Nigeria’s Bonny Light crude also advanced by 0.17 per cent, reflecting the broadly supportive effect of geopolitical developments on international oil prices.