The Nigerian Exchange Limited (NGX) is weighing a significant adjustment to its daily operations by extending its trading hours from the current 9:30 a.m.–2:30 p.m. session to a longer 9:00 a.m.–5:00 p.m. schedule. This potential change, which has been under quiet deliberation for years, was recently brought into sharper focus during a meeting between NGX executives and market operators.
NGX Chief Executive Officer Jude Chiemeka confirmed that discussions are underway, stressing that the decision is part of broader efforts to reposition the Nigerian capital market. “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,” Chiemeka said.
The idea, according to Tajudeen Olayinka, a senior dealing member at Wyoming Capital, has been floated for years but is now attracting stronger interest due to Nigeria’s push to deepen market liquidity, strengthen investor confidence, and attract foreign inflows. “It’s a conversation whose time has come, especially as the country aligns with global capital market practices,” he remarked.
Globally, most exchanges operate longer hours than NGX’s current five-hour window. For instance:
- Tokyo Stock Exchange runs from 9:00 a.m. to 3:00 p.m., including a lunch break, providing five hours of trading.
- Hong Kong Stock Exchange maintains a similar format with five and a half hours of trading daily.
- New York Stock Exchange (NYSE) operates a six-and-a-half-hour trading session, from 9:30 a.m. to 4:00 p.m. Eastern Time.
- London Stock Exchange, Euronext, and Deutsche Börse typically run for eight and a half hours, from 9:00 a.m. to 5:30 p.m. Central European Summer Time, uninterrupted by lunch breaks.
Meanwhile, the Johannesburg Stock Exchange is exploring the possibility of 24-hour trading, a move that reflects how markets are evolving in response to increased globalisation and the demands of investors seeking greater flexibility. If NGX adopts the proposed 9:00 a.m.–5:00 p.m. schedule, it would place Nigeria firmly within the global mainstream of exchange operations.
For Nigeria, extending trading hours carries broader implications beyond aligning with international practices. It is seen as a step toward:
- Deepening market liquidity: Longer trading sessions would allow more transactions to take place daily, improving price discovery and market efficiency.
- Attracting foreign participation: International investors often seek markets with structures similar to those they are used to in developed economies. Longer trading hours could help reduce operational mismatches across time zones.
- Supporting reforms and new instruments: With the Federal Government targeting a $1 trillion economy and introducing high-level capital market reforms, NGX anticipates a surge in new listings and financial products.
Chiemeka emphasised that the exchange is already collaborating with global institutions such as the International Finance Corporation (IFC) to strengthen Islamic finance offerings and is engaging the Ministry of Marine and Blue Economy on blue and social bonds. These initiatives are expected to expand the range of tradable assets, making extended trading sessions even more relevant.
“We believe the timing is right to begin preparations, not to wait until these changes overwhelm the system. Extending trading hours is not just about more time, it’s about positioning the exchange for growth, innovation, and internationalisation,” Chiemeka said.
Abimbola Babalola, NGX’s Head of Trading and Products, confirmed that engagements with custodians, brokers, fund managers, and other stakeholders would continue to ensure a smooth transition. She explained that the process would not only address operational and technical requirements but also consider the welfare of market participants, including brokers and regulators, who will need to adapt to longer sessions.
While the plan remains under discussion, industry watchers note that extending trading hours could mark a turning point in Nigeria’s capital market history, aligning it with international best practices, boosting efficiency, and strengthening its ability to attract both local and foreign investment.
