The Nigerian Exchange Ltd. (NGX) has extended its trading hours from 9:30 a.m. – 2:30 p.m. to 9:00 a.m. – 4:00 p.m., effective April 27, a move market operators have welcomed as a step toward modernising the country's capital market. Stockbrokers and financial analysts praised the seven-hour trading window, saying it would improve liquidity, reduce volatility and align Nigeria's market operations with global standards. Aruna Kebira, Managing Director of Globalview Capital Ltd., described the change as a significant structural shift, particularly following Nigeria's reclassification as a Frontier Market by FTSE Russell. He noted that the extended hours would allow more time for the market to absorb macroeconomic data, corporate disclosures and global financial developments, improving price discovery. The 4:00 p.m. closing time also creates better overlap with the London and New York Stock Exchanges, making it easier for foreign portfolio investors to trade Nigerian assets in real time. Sola Oni, CEO of Sofunix Investment and Communications, said the adjustment would help the market respond faster to new information, reinforcing its role as an information-driven system. He linked the change to broader reforms, including the Central Securities Clearing System's planned shift to a T+1 settlement cycle. Benneth Eze, Head of Research and Development at the Chartered Institute of Stockbrokers, said firms would need to adjust staffing, technology and processes to support longer sessions, though he expected long-term gains in investor confidence and trading volumes. Bosun Babatunde, a Senior Stockbroker at Forth Financial Ltd., acknowledged potential initial operational challenges but believed benefits would outweigh drawbacks. David Adonri, Vice President of Highcap Securities, said the move positions the NGX to accommodate major upcoming listings, including Dangote Refinery and Flutterwave.
Extending trading hours may benefit foreign investors more than local ones, given the focus on aligning with London and New York markets rather than addressing domestic access barriers. The move assumes Nigerian brokers can absorb higher operational costs without passing them to retail investors. If technology and staffing gaps widen among firms, the playing field could tilt toward larger players. Smaller operators may struggle to sustain the longer hours without visible short-term gains.
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