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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsTo buy or sell a Nigerian Exchange (NGX) share, you appoint a stockbroker that is both registered with Nigeria’s Securities and Exchange Commission (SEC) and listed as an NGX Trading License Holder. The broker completes your onboarding, routes your order into the NGX market, confirms what was executed and maintains the trading records you need. For eligible equities cleared and settled through the Central Securities Clearing System (CSCS), the current settlement cycle is T+1: one business day after the trade date, with settlement due at 5:00 p.m. on T+1.
The practical sequence is: verify the broker’s current regulatory status, complete its KYC and account-opening process, fund the account, submit a clearly specified order, check whether it filled, and monitor settlement. Selling follows the same route in reverse, with net proceeds paid according to the broker’s process and, where Direct Cash Settlement applies, credited directly to your bank account through CSCS.
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What you need before trading
An NGX share represents an ownership interest in a listed company. It can provide capital growth or dividends, but the price can fall and a company may pay no dividend. The rights attached to a holding can also differ by share class. NGX explains these basic features on its equities information page.
You do not buy an exchange-listed share directly from NGX. You use a licensed intermediary, normally called a stockbroker or dealing member. NGX’s investor guidance says the broker facilitates account opening and trading, while securities may be held through CSCS.
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- A verified NGX Trading License Holder.
- An account that has passed the broker’s KYC checks.
- Money available for a purchase, or the relevant shares recorded in your custody account for a sale.
- A bank account and contact details that match the broker’s requirements.
- A way to review orders, fills, statements and settlement records.
This is a process guide, not a recommendation to buy a particular company or to use a particular broker.
How to verify a stockbroker
Check the SEC registration
Start with the SEC’s investor FAQs, which direct investors to trade through a registered stockbroker. Confirm that the legal entity you are dealing with appears in the SEC’s current capital-market-operator information, and make sure the name on the broker’s website, agreement and payment instructions matches the regulated entity.
Check the NGX licence directory
Use NGX’s Find a Broker directory to confirm that the firm is currently an NGX Trading License Holder. Treat the directory as a point-in-time status check: NGX notes that status lists can change, so check again immediately before opening or funding an account.
Compare the service, not just the brand name
| What to compare | Questions to ask the broker |
|---|---|
| Regulatory standing | Does the exact legal entity appear in both current SEC information and NGX’s Trading License Holder directory? |
| Onboarding | Which KYC documents, forms, signatures and verification steps are required, and how long does review normally take? |
| Investor eligibility | Can domestic and foreign investors use the service, and are there extra identity, tax or bank requirements? |
| Order access | How are orders submitted, amended and cancelled, and can you see pending, partial and completed fills? |
| Money movement | How do you fund the account, what withdrawal controls apply, and when are sale proceeds released? |
| Records and support | How are contract notes, statements, holdings and CSCS-related records delivered, and how do you escalate a discrepancy? |
| Total charges | What are the brokerage, exchange, CSCS, SEC, stamp-duty, alert, VAT and withdrawal charges for your transaction? |
Do not send money to a personal account or rely on an unverified social-media representative. Use the payment details and account name supplied in the broker’s official onboarding documents, then retain confirmation of every transfer.
Open and fund the brokerage account
Complete the broker’s KYC process
There is no single universal NGX checklist. NGX says the dealer supplies the KYC documentation it requires. Follow the selected broker’s current instructions rather than assuming that another broker’s list will apply. The process generally establishes your identity, contact details, bank relationship and investor profile, but the exact forms and supporting evidence are broker-specific.
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- Request the broker’s official account-opening pack or secure online application.
- Enter your legal name exactly as it appears on your identity and bank records.
- Provide every document and declaration the broker requests, using its secure submission channel.
- Review the mandate, fee schedule, risk disclosures and communication preferences before signing.
- Wait for written confirmation that the account is active and able to accept orders.
Ask whether the broker opens or links the CSCS records needed for your holdings, how your investor identification is recorded and how corrections are handled. Keep copies of the completed forms and the approval notice.
Fund the account safely
Use only the funding method and beneficiary details supplied by the broker. Confirm whether money must arrive before an order is accepted, whether the broker places a temporary hold, and whether a failed or cancelled order releases the balance automatically. A bank transfer receipt is not proof that the broker has credited your trading balance; wait for the broker’s confirmation.
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Understand how NGX orders work
NGX uses an automated central order book. Orders are matched using price, cross and time priority, as described in its trading-market-structure information. In practical terms, a better-priced order generally has priority, and orders at the same price are ranked by time. Your broker’s interface may simplify this process, but the underlying market rules still determine whether and when a match occurs.
| Market detail | Current information shown by NGX |
|---|---|
| Displayed market hours | 9:00 a.m. to 4:00 p.m. |
| Continuous trading | 9:30 a.m. to 4:00 p.m. |
| Price information | NGX market data displayed on the referenced page is labelled 30 minutes delayed, not a guaranteed live quote. |
| Matching method | Automated central order book with price, cross and time priority. |
Ask the broker which order conditions it supports, such as a price-limited order or another instruction, and what happens when an order is only partly matched. Do not assume that every broker offers the same order types or real-time data.
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How to buy shares on the Nigerian Exchange
- Identify the security. Use the company’s exact listed name or ticker and verify that you have selected the intended share class. Check the quote’s timestamp because the NGX page’s displayed data may be delayed by 30 minutes.
- Choose the quantity. Enter the number of shares you want, then ask whether the broker imposes a minimum, maximum or lot convention for that security.
- Set the order instruction. Specify the price or other condition available through the broker. If you are using a price-limited instruction, understand that it may remain pending if the market does not reach your price.
- Check your cash balance. Include the broker’s commission and market-related charges, not only the displayed share price. Confirm whether the broker requires cleared funds before accepting the order.
- Review before submission. Confirm buy versus sell, ticker, quantity, price, validity and the account being charged. A mistaken side or decimal can create an unintended order.
- Submit through the approved channel. Use the broker’s authenticated platform, email workflow or dealing desk, as applicable. Keep the order reference and time submitted.
- Confirm the status. Ask how to distinguish pending, partially filled, fully executed, rejected and cancelled orders. An order acknowledgement means the broker received the instruction; it is not proof that a trade occurred.
Execution price is determined by available matching orders and market conditions. The broker cannot guarantee a fill, a particular price or a profit.
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Check execution, holdings and records
After submitting an order, monitor the status using the broker’s stated process. A partial fill means only part of the requested quantity traded; the remainder may stay open, be cancelled or require a new instruction, depending on the order terms. Ask what action is required if you no longer want the unfilled balance.
Once a buy is executed and settled, verify that the quantity appears in the broker’s statement and the relevant CSCS records. Keep the order confirmation, contract note, payment proof and account statement together. If the quantity, price, charges or date differs from your instruction, raise a written query promptly and include the order reference.
How to sell shares on the Nigerian Exchange
- Confirm your holding. Check the exact security and quantity recorded in your broker or CSCS-linked records. Do not rely on an old screenshot or an unconfirmed certificate.
- Ask about sellable quantity. The broker can tell you whether any shares are blocked, pending settlement or otherwise unavailable.
- Give the instruction. State that it is a sale, identify the ticker or listed company, specify the quantity and set the price or order condition supported by the broker.
- Review estimated charges and proceeds. Request an all-in estimate showing brokerage, market fees, taxes, VAT and any other applicable deduction.
- Submit and retain the reference. Confirm the order through the broker’s approved channel and save the timestamp.
- Verify the fill. A submitted sell order is not a completed sale. Check whether it is pending, partially filled, completed, rejected or cancelled.
- Confirm settlement and payment instructions. Ask when net proceeds become payable and which verified bank account will receive them.
SEC’s explanation of Direct Cash Settlement describes net sale proceeds being credited directly to the investor’s bank account through CSCS. Confirm with your broker whether that process applies to your account and transaction.
Settlement under the current T+1 cycle
For eligible equities cleared and settled by CSCS, the SEC’s T+1 framework took effect on June 1, 2026. T+1 means one business day after the trade date, not one calendar day. Weekends and applicable public holidays therefore affect the calendar date on which settlement occurs.
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In its August 12, 2026 implementation clarification, the SEC specifies the settlement time for covered equities and commodities settled at CSCS as 5:00 p.m. T+1. Read the clarification at SEC’s T+1 implementation notice. The SEC’s transition notice is also available at its T+1 settlement page.
Settlement completion and the moment money appears in a particular bank account are related but not necessarily identical events. Bank processing, broker controls and account verification can affect the visible credit. If proceeds are not showing after the broker’s stated release time, request the settlement status, value date, net amount and reason for any hold.
Transaction costs you should expect
NGX’s displayed equity schedule, accessed October 13, 2026, illustrates the categories below. It is an exchange schedule, not a guaranteed all-in invoice for every broker or trade. Rates, application and VAT treatment can change, so request a current written breakdown before placing an order.
| Charge shown on NGX schedule | Buy side | Sell side | Qualification |
|---|---|---|---|
| NGX fee | Not shown in the cited example | 0.3% | Displayed schedule; confirm current applicability. |
| CSCS fee | Not shown in the cited example | 0.3% | Displayed schedule; confirm current applicability. |
| SEC fee | 0.3% | Not shown in the cited example | Displayed schedule; confirm current applicability. |
| Stamp duty | 0.08% | 0.08% | Displayed as applying on each side; confirm the current rule for your trade. |
| Trade alert | ₦4 | ₦4 | Displayed per side in the example. |
| Brokerage commission | 0.75%–1.35% | 0.75%–1.35% | Displayed range per side; the broker may quote a different negotiated or applicable amount. |
| VAT | Shown against relevant fees | Ask which items attract VAT and how it is calculated. | |
For a reliable estimate, give the broker the security, side, quantity and expected price and ask for the gross value, every charge, VAT, net debit or credit and the applicable settlement date. Comparing only headline commission can hide substantial differences in market fees, taxes, alerts, funding or withdrawal charges.
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How to choose between otherwise eligible brokers
Once a firm passes the SEC and NGX checks, choose based on the service you will actually use. The lowest advertised commission is not automatically the lowest total cost or the easiest execution experience.
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- Account opening: Compare the clarity of KYC instructions, verification time and support for domestic or foreign investors.
- Order handling: Check whether you can place, amend and cancel orders yourself or must call a dealer, and whether partial fills are visible.
- Information quality: Ask whether displayed prices are live or delayed, and how contract notes and statements are delivered.
- Custody records: Confirm how holdings are reflected through CSCS and how ownership discrepancies are resolved.
- Charges: Obtain an example invoice for both a buy and a sell, including VAT and fixed alert fees.
- Funding and withdrawals: Compare supported banks, cut-off times, approval controls and the broker’s stated proceeds-release process.
- Support and security: Look for authenticated communication, prompt escalation and a documented process for suspected account compromise.
Recheck regulatory status and terms when you return to trade. A broker that was listed previously may not have the same status or pricing later.
Common problems and practical fixes
The broker cannot be found in a directory
Stop onboarding and do not fund the account until you resolve the discrepancy. Check spelling and legal entity names in both the SEC information and NGX directory, then ask the firm for its current licence details through an independently verified contact channel.
The order is accepted but does not execute
Acceptance only means the instruction entered the broker’s workflow. Check whether your price is away from available bids or offers, whether the order is outside the supported session, whether funds or shares are unavailable, or whether the order is still pending. Ask whether it can be amended or cancelled before submitting a replacement.
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Record the filled quantity and average or execution prices shown by the broker. Confirm what happens to the unfilled balance and avoid placing a duplicate order until you know whether the original remainder remains active.
The quoted price looks wrong
Check the timestamp and whether the data is delayed. Compare the ticker and share class, then ask the broker for the executable quote or order-book information it uses. Do not treat a delayed display as a guaranteed fill price.
Sale proceeds have not arrived
Confirm that the sale actually executed, that T+1 settlement has completed for the eligible CSCS transaction, and that the broker has your correct verified bank details. Request the net amount, value date and reason for any compliance or bank-processing hold.
A dividend was expected but not paid
Dividends are not automatic. Companies may pay none, and payment dates and eligibility depend on the issuer’s corporate-action terms and your settled holding. Ask the broker or registrar for the applicable announcement rather than assuming every share produces income.
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A transaction-day checklist
- Verify the broker in current SEC information and NGX’s Trading License Holder directory.
- Use the broker’s official onboarding and payment details.
- Confirm the account is approved and your CSCS-linked records are correct.
- Request the current all-in cost estimate.
- Check the security name, ticker, side, quantity, price and order validity before submission.
- Save the order reference and verify the execution status.
- Check the contract note, charges, holdings and settlement date.
- For a sale, confirm the net proceeds destination and release status.
The safest way to use the NGX is to treat each trade as a documented process: verify the intermediary, submit an unambiguous instruction, confirm the fill, and reconcile settlement and cash records afterward.
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