• Monday, February 26, 2024
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BusinessDay

NASD OTC hits N1 billion in deals

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NASD OTC has reported that trades in equities worth more than ₦1 billion have been successfully executed on the newly created OTC market.

By this number, investors’ regulators and brokers can reliably refer to transaction data on deals worth ₦1 billion.  Typically, off market transactions are not well documented and one or more parties to such a transaction might have some doubts as to the veracity of such information.  The NASD OTC market has created an opportunity for all stakeholders to accept and use the same data.  “By this, we are also creating an opportunity for institutional investors to get a clearer perspective of the true size of the Nigerian Capital market,” NASD said in a statement.

“In reaching this first ₦1 billion benchmark we have had to ease many of the teething pains that come with developing a new market.  Participating Institutions, registrars and other operators have been indispensable in allowing the market to start growing.” 

Some firms contributed directly by trading through the system (see list of top traders below) – and a great many have been invaluable in testing, fine tuning and advertising the market. 

“We appreciate all players in the OTC market and look forward to more liquidity and transparency in the OTC market in Nigeria,” NASD said.