The Nigerian Exchange Limited (NGX) is exploring a significant extension of its trading hours, moving from the current 9:30 am–2:30 pm schedule to 9 am–5 pm, The PUNCH can exclusively report. The proposal, aimed at aligning Nigeria’s capital market with global trends, was discussed during a virtual meeting attended by over 120 market operators, including the Chairman of the Association of Securities Dealing Houses of Nigeria, Sam Onukwue.
NGX Chief Executive Officer, Jude Chiemeka, said the meeting marked the first formal engagement with trading license holders on the topic. “This engagement is the first, and we’ll certainly be coming back to this ecosystem in line with the aspiration of extending our trading hours,” Chiemeka told participants. The proposed changes include a 9 am pre-open, a pre-close at 4:50 pm, and a 5 pm market close, signaling a major shift in the market’s operating rhythm.
The move mirrors global trends where stock exchanges are extending trading hours to accommodate retail investors who increasingly trade via smartphones. Chiemeka explained that the NGX’s collaboration with the International Finance Corporation (IFC), Islamic finance initiatives, and the Ministry of Marine and Blue Economy on blue and social bonds will introduce more tradable instruments, necessitating longer market hours. He stressed that these reforms are part of NGX’s broader ambition to internationalize the Nigerian market and boost daily trading volumes from $11 million toward $100 million.
Abimbola Babalola, Head of Trading and Products at NGX, highlighted that further consultations with stakeholders, from custodians to other market players, will shape the final decision. Some participants expressed preference for a 3 pm closing time rather than 5 pm, indicating that the proposed extension is still open for adjustment based on market feedback. This initiative coincides with NGX’s recent announcement to potentially increase the maximum daily price gain of securities, currently capped at 10 percent, to improve liquidity and trading dynamics.
Securities and Exchange Commission (SEC) Executive Commissioner (Operations), Bola Ajomale, also noted that market operators should prepare for upcoming reforms, including recapitalization and risk-based supervision under the Investment and Securities Act. With these innovations, Nigeria’s capital market is poised to embrace a new era of trading flexibility, enhanced market participation, and strategic alignment with global investment practices.
source: punch