- The Nigerian Stock Exchange is headquartered in Lagos, the nation's capital.nigeria flag button image by Andrey Zyk from Fotolia.com
The Nigerian Stock Exchange began operations in 1961, the year after the nation gained independence from the Untied Kingdom, as the Lagos Stock Exchange. There are currently 262 securities listed on the exchange representing a mix of businesses. Transactions are regulated by the exchange and the nation's Securities and Exchange Commission. The exchange uses an automated trading system. - Prices for all new issues are set by registered issuing houses and stockbrokers in Nigeria. Listings on the secondary market have prices set by the stockbrokers alone.
Prices are published daily on the exchange's website and in the Daily Official List. Reuters also publishes daily prices. - Companies located in Kenya, South Africa and Ghana are allowed to list on the Nigerian Exchange, as are multinational companies with a Nigerian presence. The listing of Kenyan and Ghanaian companies is allowed under cross-border listing requirements signed by exchanges in the three nations.
- Companies must follow certain rules to maintain a listing on the Nigerian exchange. A newly listed company must see 10 percent or more of its shares traded on the day it is listed and must wait for one year after the listing before it can make new issues of stock available.
Also, 100,000 units of a stock must be traded for a price change to be recorded on the day.
