And when recovery hit a stumbling block in 2011 after billions was spent on bailouts, confidence continued to fall on concerns over writedowns of bad debts.
The Nigerian Stock Exchange is now looking for new ways of giving its bourse a little more life in 2013, by signing a deal to adopt the American Stock Exchange (better known as NASDAQ) X stream trading platform yesterday.
At the signing ceremony Ade Bajomo; the Nigerian exchanges executive director of market operations and technology said, in order for the country to grow its market it needed to find more efficient and transparent ways to build confidence in investors.
The adoption of the NASDAQ system is part of a string of reforms the Nigerian bourse has been undertaking including relaxing restriction on price swings, allowing short selling and opening into U.S. trading hours.
The bourse although automated has old technology and is price rather than quote driven. The new system will supposedly push it into the 21st century and make the market more efficient, liquid and easier for traders to use.
Dealers will now be automatically integrated with the exchange system, and here’s what’s really exciting, customers will be able to use their smart phones to access their accounts.
One point for the Nigerian Stock Exchange…