MARKET INFORMATION
The Nigerian Stock Exchange (NSE)
http://www.nse.com.ng/

Trading Hours

 

Pre-open: 9:30 - 9:55
Pre-Open Imbalance: 9:55- 10:00
Continuous trading: 10:00 - 14:20
Pre-close auction: 14:20 - 14:25
Pre-close Imbalance: 14:25 - 14:30

Time Zone

GMT+1

Trading Days

Monday – Friday

Trading Currency

Nigerian Naira (NGN)

 

Main Index

Nigerian Stock Exchange Main-Board Index

Reuters code

NGSEINDEX:LAG

Bloomberg code

NGSEINDX

Exchange Code

Reuters

LG

Bloomberg

NL

Trading ID/ Trading Requirements

Local custody ID required and local broker must be permissioned to trade on the account. 

Settlement Cycle

T + 2

Current Index Status

MSCI Stand Alone

FTSE Stand Alone

Market Cap

$61bn
Average Daily Value Traded
YearAVG VALUE TRADED
2023 $11.9m
2024 $8.6m
2025 $15.3m

 

MARKET DYNAMICS

Stock Limit Up/Down

+/-10%

(from previous close)

Tick Size

Class

A

B

C

Price- Brand

N100 and

N5

Less than N5

Minimum Quantity Volume Lot required to change price



100K



100K



100K

Tick Size (NGN)

0.10

0.05

0.01

Crosses

Crossing can be done in market spread during the regular trading hours

Board Lot

1 share

All or None

Available

Off- Market
Crosses

Available with the following criteria:

1) The approval of the exchange is required. Justification of cross price is required

2) There is no price restriction on the cross

Official Closing
 Price

Established from the closing auction where the TCP satisfies the minimum quantity threshold at uncrossing. Becomes the reference price for next trading day and determines price band for the next trading day. Note that the minimum quantity needs to be 100k and that 100k needs to be a "straight line" and not a cumulative 100k. The same rule applies during regular hours. If no print of 100k occurs, the ruling price reverts to the last price of a 100k print.

MARKET REGULATIONS
Foreign Ownership Restriction
Not allowed to own more than 49% of
plantation and mining stocks.
Not allowed to own more than 10% of listed banks. With the approval of the monetary board, ownership on the listed bank can go up to 15%.
Disclosure Rules
At 5% ownership or more of any listed company, a disclosure is required before or within 24 hours after the trade. The disclosure must be done by the broker with detailed buy and sell side information.
Securities Lending
Permitted
Short selling
Short selling is theoretically permitted, but in practice doesn't happen.
MARKET FEES & TAXES
Market Fees On the buys: 37.5 bps
On the sells: 72.0 bps
(breakdown available)

Maximum brokerage commission of 1.35%
Value Added Tax  7.5%
Capital Gain Tax 30% (newly introduced as of 1 Jan 2026)
Dividend Withholding Tax  10%