The Nigerian Stock Exchange (NSE) was established in 1960. As of March 09, 2007, it has 283 listed companies with a total market capitalisation of about N15 trillion ($125 billion). All listings are included in the only index, the Nigerian Stock Exchange All Shares Index.
Operation
The Exchange has an Automated Trading System. Data on listed companies' performances are published daily, weekly, monthly, quarterly and annually.
Trading days and times on the Lagos Exchange are Monday to Friday, 11:00 to 13:00. Charges include a 3% commission on the traded value of shares and a 1% Securities and Exchange Commission fee. Withholding tax on dividend and interest remains at 10%; corporate income tax, 35%, capital gains tax, 10%.
In order to encourage foreign investment in Nigeria, the government has abolished legislation preventing the flow of foreign capital into the country. This has allowed foreign brokers to enlist as dealers on the Nigerian Stock Exchange and investors of any nationality are free to invest. Nigerian companies are also allowed multiple and cross border listings on foreign markets.
Associations
The Lagos Exchange is an affiliate member of the World Federation of Exchanges (FIBV). It is also an Observer at meetings of International Organization of Securities Commissions (IOSCO), and a foundation member of the African Stock Exchanges Association (ASEA).
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