NGX Plans to Introduce Non-depository Receipts to Expand its Market.

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The NDR would open up financial products traded on an offshore market to the investing public and provide investors access to alternative investment plans.

Asset managers will sponsor this instrument offshore through this effort, convert the receipts, and then offer them in our local market, added Chiemeka. In the end, we are creating a marketplace with a wider range of players in addition to providing exposure to foreign exchange.

The Securities and Exchange Commission (SEC) granted the NGX approval for its Technology Board Listing Rules in 2022, Chiemeka said, adding that the exchange’s goal with the NDR is to encourage investments in indigenous technologically oriented companies within Nigeria. Chiemeka also listed other initiatives that the Exchange had undertaken.

The Sun

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