The Nigerian Stock Exchange (NSE) announced today that it received a unanimous vote for admission as a full member in the World Federation of Exchanges (WFE), the global trade association for the operators of regulated securities exchanges.
Elected as a federation member during the 54th general assembly and annual meeting of the WFE Seoul South Korea, the NSE becomes the first West African stock exchange to be granted full federation membership status.
with 60 members from around the globe and its exchanges home to over 45,000 listed companies, the WFE develops and promotes standards in markets, international cooperation, and coordination among regulators.
The WFE’s vote for full membership came through a series of assessments. On September 15-16, the NSE was visited by a WFE inspection team in Lagos. The inspection team consisted of the federation and member exchanges. The team met with the NSE’s management team and several key stakeholders, specifically the Securities and Exchange Commission (SEC) of Nigeria, the Central Bank of Nigeria (CBN), the Central Securities Clearing System (CSCS), and two corporate and other market operators.
Chief executive officer of the Nigerian stock exchange, Oscar Onyema described the admission by the WFE as a positive step towards the exchange’s integration with global financial markets.