NGX’s revised pricing methodology: what changes from 17 August
The SEC has approved a price-based structure for the minimum trade size that moves a published share price. Here is what it means for traders and investors.
Olumide Francis · 11 Aug 2026 · 2 min read
The Securities and Exchange Commission has approved the Nigerian Exchange Limited’s Revised Pricing Methodology Framework for equities trading, effective Monday, 17 August 2026. It replaces the previous uniform 100,000-unit minimum traded quantity with a group structure based on a security’s share price, so that only transactions of material economic value move a stock’s published price.
The new groups
- Group A, ₦1,000 and above: 10,000 units to move the published price
- Group B, ₦500 to ₦999.99: 50,000 units
- Group C, below ₦500: 100,000 units
Trades below the threshold still execute, but they are excluded from the last traded price, daily and 52-week highs and lows, opening and closing prices, and the relevant indices. Daily price movement limits are unchanged.
Practical implications
- Trading desks should re-tier order slicing and execution strategies calibrated to the old flat 100,000-unit rule, especially for stocks priced above ₦500.
- Premium stocks become easier to move, which may draw retail participation into previously hard-to-move names.
- Lower capital barriers in Group A mean prices can swing on smaller trades; watch the first sessions for distortion rather than genuine price discovery.
- Valuation and NAV processes that reference NGX closing prices should confirm they capture the published, threshold-compliant price.
- Stocks near ₦500 or ₦1,000 can jump groups, changing their liquidity and volatility quickly. Dangote Cement, at ₦1,034, has only just crossed into Group A.
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This note is for information only and is not investment advice. Read the full report, including its disclaimer, before acting on it.