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NGX Partners Other Exchange, Launches NDR

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market - NGX

CEM REPORT, MARKET | To aid the cross-issuance and listing of green bonds, the Nigerian Exchange Limited (NGX) is partnering with exchange companies across the globe.

The NGX recently partnered with other stock exchanges like the London Stock Exchange (LSE) to offer dual listings to corporates and increase the size of the market where investors can invest in a broader-based market.

This disclosure was made by the Divisional Head, Capital Markets, NGX, Jude Chiemeka while speaking on partnership opportunities within the capital market at the 2023 Nigeria Risk Summit held in Lagos.

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He noted that the NGX is working with the Ghana Stock Exchange (GSE) to improve on secondary listings that will develop private market utilization of technology.

Additionally, Chiemeka said the NGX in recognizing the importance of investor education to a healthy market had partnered with the IFC and Islamic Development Bank to train capital market participants on the impact of sustainable and Islamic finance respectively.

Furthermore, he revealed that the exchange plans to launch Non-Depository Receipts (NDR) with the aim to further deepening the Nigerian capital market.

According to him, the NDR would grant the investing public access to financial instruments listed on an offshore exchange and provide investors with access to alternate investment schemes.

He explained that the initiative will grant asset managers the opportunity to sponsor the instrument offshore, convert the receipts, and sell off in our local market.

“In the end, we are not only enabling exposure to foreign exchange, but we are also preparing a marketplace with a broader spectrum of participants.”

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