The Nigerian Exchange (NGX) has postponed the implementation of its revised pricing methodology for equities trading, a day before the framework was scheduled to take effect.

The revised framework, which was originally scheduled for Monday, August 17, 2026, will now be implemented on a date yet to be announced by the Exchange.

The Group Head, Communications and Partnerships, Nigerian Exchange Group, Clifford Akpolo, confirmed the postponement on Sunday, August 16.

Akpolo stressed that the implementation had not been cancelled but only deferred, saying the Exchange would announce a new effective date in due course.

“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,” he said.
He also confirmed that the implementation may no longer take place in August, indicating that the new date would be announced at a later time.

On the reason for the postponement, Akpolo attributed it to ongoing “engagement,” but said he would provide further details after reverting on the matter.

He further confirmed that an earlier report on the revised framework was accurate and reflected the provisions contained in the Revised Pricing Methodology Framework approved by the Securities and Exchange Commission and circulated to Trading License Holders.

The revised methodology was designed to replace the existing flat minimum traded-volume requirement with a tiered system based on the prevailing price of individual securities.

Under the proposed framework, stocks would be grouped into three categories, with different minimum traded quantities required before transactions could influence the published market price.

Stocks priced at N1,000 and above would fall under Group A and require a minimum traded quantity of 10,000 units, with a minimum price movement of 10 kobo.

Group B would cover stocks priced between N500 and N999.99, requiring a minimum traded quantity of 50,000 units and a minimum price movement of five kobo.

Group C, comprising stocks priced below N500, would require a minimum traded quantity of 100,000 units, with a minimum price movement of one kobo.

The NGX had said the proposed changes were aimed at strengthening price discovery by ensuring that transactions with material economic value were appropriately reflected in published market prices, while maintaining safeguards against price distortion.

The framework had attracted attention from market operators and investors, particularly because of its potential impact on high-priced equities.

The proposed changes were expected to reduce the amount of capital required to influence the prices of premium-priced stocks such as Seplat Energy, Airtel Africa, Dangote Cement, Geregu Power and Nestlé Nigeria, compared with the requirements under the existing methodology.

Market operators had broadly supported the proposed framework, describing the previous flat-threshold structure as outdated and arguing that the revised system would better reflect differences in the prices and liquidity characteristics of listed securities.

With the postponement, the existing pricing bands remain in effect pending the announcement of a new implementation date.

Under the current system, securities are classified into bands covering stocks priced at N100 and above, those priced between N5 and below N100, and those below N5.

The postponement means investors who had positioned themselves ahead of the expected changes, particularly those anticipating increased activity or volatility in high-priced equities, will have to wait for the NGX to announce a new effective date.

The Exchange is expected to provide further details on the revised implementation timeline after its ongoing engagements with relevant stakeholders.