By Michael Eboh

The Nigerian Stock Exchange (NSE) has announced that Senator Ganiyu Solomon, Chairman, Senate Committee on Capital Market, will on Monday flag off the extension of its trading hours on the Lagos floor of the Exchange.

According to a statement by Mr. Wole Tokede, Senior Manager, Corporate Affairs, NSE, the Chairman, House of Representatives Committee on Capital Market, Honourable Umar Buba Jubril is expected to visit the NSE, Wednesday, December 8, 2010 and is expected to ring the closing bell, signaling the close of trading for the day.

He said that the decision of the Chairman of the Capital Committee of both Houses to flag off the extension and also ring the closing bell on the day is a proof of the National Assembly’s support for the on-going transformation programme of the NSE.

He said, “The Capital Market Committee (CMC) on Monday November 29, 2010, approved the proposal of the NSE for extension of the trading hours on its floors by two hours from 9.30 am to 2.30 pm as against the current time of 9.30 am to 12.30 pm.

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

The Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh had earlier said that 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 NSE to reposition the Exchange for enhanced competitiveness.

“Ikazoboh also noted that the extension would give foreign investors especially those in the United States of America (USA) opportunity to participate in the Nigerian market.”