what is crypto trading all about in Nigeria?

Its basically speculating on whether the price of a crypto asset will go up or come down, without having to own the asset. However, what makes crypto trading risky is that most of the coins themselves are not backed by any solid asset so they could crumble any time.

For example when trading commodity CFDs on Gas, Crude Oil, etc. these are backed by the spot prices of these actual commodities. But when trading many of these meme coins it is not very clear what they are based on.

President Tinubu has signed the Investment Act into Law making crypto assets to be recognized as securities. My understanding of this is that any Nigerian investor can go through an Initial Coin Offering (ICO) to launch their own coin.