The Nigerian Exchange Limited (NGX) has commenced the implementation of a revised pricing methodology that significantly reduces the volume of shares required to trigger price movements in some of the market’s most expensive equities.
The new framework, which takes effect from Monday, August 17, 2026, introduces a three-tier system based on the prevailing price of each stock.
Under the revised rules, equities trading at ₦1,000 and above will require just 10,000 shares to trigger a published price movement. Stocks priced between ₦500 and ₦999.99 will require 50,000 units, while those below ₦500 will require 100,000 units.
The NGX said the changes are intended to improve price discovery by ensuring that transactions of meaningful economic value are reflected in market prices, while maintaining safeguards against price manipulation.
The reform represents a major shift from the previous pricing structure, which placed stocks in bands of ₦100 and above, ₦5 to below ₦100, and below ₦5.
The new methodology could particularly affect expensive stocks, as significantly less trading volume will now be required for their published prices to change.
For example, a stock trading at ₦2,000 previously required about 100,000 shares, worth roughly ₦200 million, to change hands before its quoted price could move.
Under the new framework, only 10,000 shares, worth approximately ₦20 million at the same price, would be required.
This represents a 90 per cent reduction in the transaction value needed to trigger a published price movement.
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High-priced equities such as Seplat Energy, Airtel Africa, Dangote Cement, Geregu Power and Nestlé Nigeria are therefore among those expected to experience the most noticeable impact from the new methodology.
Meanwhile, stocks trading within the ₦500–₦999.99 band will also see lower thresholds. BUA Foods, for instance, will now require 50,000 shares compared with the previous 100,000-unit threshold.
The revised system also maintains minimum price ticks of 10 kobo for Group A, five kobo for Group B and one kobo for Group C.
The changes are expected to reshape trading dynamics across the equities market, potentially making price movements in high-value stocks more responsive to relatively smaller transactions while giving investors and market participants a new framework for assessing liquidity and price discovery.
