The Federal Government has issued a caution to Nigerians advising them to avoid investing in the cryptocurrency token associated with music sensation, Davido.
Last month, Davido introduced a new cryptocurrency token or memecoin that draws inspiration from himself.
In a statement released on Friday, the Securities and Exchange Commission (SEC) cautioned the public about the significant risks associated with investing in meme coins.
The commission clarified that it does not consider $Davido to fall within its regulatory scope as an investment product or investable asset class.
“The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a meme coin known as “$Davido” allegedly linked to the popular Nigerian singer, David Adedeji Adeleke AKA Davido.”
