The Exchange says the reform has not been cancelled, but investors will have to wait for a new implementation date as the existing pricing bands remain in force…..
The Nigerian Exchange (NGX) has put its planned overhaul of the pricing methodology for equities on hold, postponing the implementation just a day before the new rules were due to take effect.
The revised framework had been scheduled to commence on Monday, August 17, 2026, but the Exchange has now confirmed that the rollout will not go ahead as planned.
Clifford Akpolo, Group Head of Communications and Partnerships at Nigerian Exchange Group, confirmed the postponement on Sunday, August 16.
According to Akpolo, the decision does not mean NGX has abandoned the reform.
The Exchange will announce a fresh implementation date at a later time.
“We have postponed the planned launch on Monday, August 17. It’s postponed; not shelved. The Exchange will communicate a new date in due course,” Akpolo said.
He also indicated that the new framework may not be introduced in August, although the Exchange has not disclosed a specific replacement date.
Asked about the reason for the last-minute postponement, Akpolo attributed it to ongoing “engagement” but did not provide further details.
He said additional information would be provided later.
The confirmation also means reports about the revised methodology released ahead of the scheduled rollout accurately reflected the framework approved by the Securities and Exchange Commission (SEC) and circulated to Trading License Holders.
What the New Pricing System Was Designed to Change
The revised methodology was intended to replace the existing flat trading-volume thresholds with a tiered system based on the price of individual stocks.
Under the proposed framework, the volume of shares that must be traded before a security’s published market price can move would depend on its prevailing share price.
The postponed structure was divided into three categories:
Group A — N1,000 and above: minimum traded quantity of 10,000 units, with a minimum price movement of 10 kobo.
Group B — N500 to N999.99: minimum traded quantity of 50,000 units, with a minimum price movement of 5 kobo.
Group C — Below N500: minimum traded quantity of 100,000 units, with a minimum price movement of 1 kobo.
NGX had said the objective was to improve price discovery by ensuring that transactions with meaningful economic value are properly reflected in published market prices while retaining safeguards against price manipulation.
High-Priced Stocks Were Set for the Biggest Impact
One of the most closely watched aspects of the proposed changes was their potential effect on expensive stocks.
Under the new methodology, significantly smaller volumes could potentially influence the published prices of premium-priced equities such as Seplat Energy, Airtel Africa, Dangote Cement, Geregu Power and Nestlé Nigeria.
Market operators had generally welcomed the proposed shift, arguing that the previous flat-threshold structure had become outdated and could require disproportionately large amounts of capital to influence the prices of high-value stocks.
The changes therefore attracted considerable attention from investors positioning their portfolios ahead of the expected implementation.
Existing Rules Remain in Place
For now, however, none of those changes has taken effect.
The postponement means NGX’s existing pricing bands will continue to apply until a new effective date is announced.
Those existing categories cover stocks priced at N100 and above, N5 to below N100, and below N5.
Investors who had adjusted their strategies in anticipation of the new methodology will consequently have to wait for NGX to announce when the revised rules will finally become operational.
The delay also leaves the market with an additional period of uncertainty over when the long-anticipated pricing reforms will begin and how quickly investors and trading firms will have to adjust once the Exchange eventually activates them.
