The Capital Market Committee (CMC) on Monday approved the proposal of The Nigerian Stock Exchange (NSE) for extension of the trading hours on the floors of The Exchange by two hours from 9.30 am to 2.30 pm as against the current time of 9.30 to 12.30 pm.  The extension takes effect from Wednesday, December 01, 2010.

The Interim President/Chairman of Council of The Exchange, Mallam Ballama Manu in his address during the annual general meeting of The Exchange last week, explained that there were ongoing consultations with the stakeholders on the possibility of extending the trading hours.

Speaking on the issue yesterday, the Interim Administrator of The Nigerian Stock Exchange, Mr. Emmanuel Ikazoboh said the approval was a right step in the right direction, stressing that extension of the trading hours was one of the strategic moves by the leadership of The Exchange to reposition the Exchange for enhanced competitiveness.

He spoke further that the extension would give foreign investors especially those in the United States of America (USA) opportunity participate in the Nigerian market.

The CMC is an industry-wide committee comprising members of the Securities and Exchange Commission (SEC), NSE, representatives of capital market operators and other stakeholders. It meets every quarter to deliberate on various issues affecting the market and other policy matters.