The Nigerian Stock Exchange is now a full member of the World Federation of Exchanges. The federation is a global trade association for operators of regulated securities exchanges.
It’s taken three years for the West African exchange to win approval based on proper regulation by bodies including the Securities and Exchange Commission of Nigeria, the Central Bank of Nigeria and the Central Securities Clearing System.
The federation sent an assessment team to Nigeria last month and the Nigerian Stock Exchange announced in a statement that it received a unanimous vote for admission as a full member at the general assembly of the federation on Tuesday in Seoul, South Korea.
The main board of the Nigerian Stock Exchange currently lists 190 equities with a market cap of more than $83 billion.
The membership comes the same year Nigeria, Africa’s biggest oil producer and its most populous nation of about 160 million, rebased its economy to overtake South Africa as the largest on the continent.
The Nigerian exchange is the fifth in Africa and first in west Africa to join the federation. The others are based in South Africa, Egypt, Morocco and the Indian Ocean island of Mauritius.
Shared from abcnews.go.com