The Nigerian Exchange Limited (NGX) is adjusting its pricing methodology. The bourse is reverting to the 2018 market-microstructure rules governing how equity prices move on the trading floor. By dismantling the uniform 100,000-unit requirement implemented in recent years, the exchange is reintroducing a graduated, three-tier volume framework.
Under this restored structure, stocks trading at N1,000 and above will require 10,000 shares to change their price. Equities trading between N500 and N1,000 will require 50,000 shares, while those priced below N500 will maintain the 100,000-share threshold. This means high-priced heavyweight equities will require significantly lower transaction volumes to trigger price movements. The strategic pivot aims to improve price discovery and revive liquidity across various asset classes. The effective date for these new rules will be communicated soon.
Broader market modernisation efforts
This regulatory adjustment follows other recent modernisation efforts. The Nigerian capital market officially transitioned to a T+1 settlement cycle on
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