The Nigerian Exchange Limited (NGX) is considering the possibility of extending its trading hours beyond the current 9:30 a.m.–2:30 p.m. session to a longer 9:00 a.m.–5:00 p.m. window.
Nairametrics learned that NGX Chief Executive Officer, Jude Chiemeka, hinted at the plan during a meeting with market operators on Tuesday.
Speaking on the matter, Chiemeka said, “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.”
The proposal has been quietly discussed for years, according to Mr. Tajudeen Olayinka, senior dealing member at Wyoming Capital.
He explained that interest in the idea is growing as policymakers and operators look for ways to deepen market liquidity and attract foreign investment.
The move would also bring NGX more in line with global trends. For instance, the Johannesburg Stock Exchange is considering 24-hour trading, while the London Stock Exchange runs for 8.5 hours each day.
Should NGX implement the extended hours, it would signal a step toward aligning Nigeria’s capital market with these international exchanges.
Major Exchanges
Most major stock exchanges around the world have trading sessions lasting between five and eight and a half hours.
- The Tokyo Stock Exchange opens the Asian session at 9:00 a.m. and closes at 3:00 p.m., with a lunch break from 11:30 a.m. to 12:30 p.m., resulting in five hours of actual trading.
- Similarly, the Hong Kong Stock Exchange follows a comparable schedule, maintaining a trading duration of five and a half hours.
- In the United States, the New York Stock Exchange runs a core trading session of six and a half hours, from 9:30 a.m. to 4:00 p.m. Eastern Time.
Most major European exchanges, including the London Stock Exchange, Euronext in Amsterdam, and Deutsche Börse in Germany, operate for eight and a half hours, from 9:00 a.m. to 5:30 p.m. Central European Summer Time, without a lunch break.
The proposed extension of NGX trading hours to 9:00 a.m. to 5:00 p.m. West Africa Time aligns with these global practices.
The move is likely part of NGX’s broader strategy to boost market liquidity, attract foreign inflows, and increase investor participation.
Other remarks
The NGX CEO also highlighted that ongoing collaborations with the IFC on Islamic finance, as well as engagements with the Ministry of Marine and Blue Economy on blue and social bonds, will bring more tradable instruments to the market. This development makes the extension of trading hours timely.
He explained that connecting with the Federal Government’s $1 trillion economy and high-level capital market reforms will likely lead to more listings and increased trading activity. “It is relevant now that we begin preparations ahead of these changes, rather than wait until they happen,” he said.
Describing the move as a market innovation, he added that extending trading hours is part of efforts to internationalise the market, introduce new products, and attract greater investor participation.
Abimbola Babalola, Head of Trading and Products at NGX, noted that the exchange would continue engaging custodians and other stakeholders throughout the process.
