How to Invest in Nigerian Stocks from Canada
Nigerian citizens living in Canada can own NGX-listed shares in their own name without travelling home. This guide covers the identity documents, moving Canadian dollars into naira, dividends, CRA reporting in general terms and the overnight time difference.
Nigerian citizens living in Canada can own shares listed on the Nigerian Exchange (NGX) without travelling home. A licensed Nigerian stockbroker opens a Central Securities Clearing System (CSCS) account in your name, you pay in naira from a Nigerian bank account, and the shares are registered to you personally. Non-Nigerians are not barred by Nigerian law, but their practical route is different.
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Who in Canada Can Own NGX-Listed Shares?
Ownership of NGX-listed shares is not limited to people who live in Nigeria. A Nigerian citizen in Toronto, Calgary or Vancouver has the same right to be a registered shareholder as someone in Lagos. Dual Canadian-Nigerian citizens qualify in the same way, provided they hold the Nigerian identity details below.
For people with no Nigerian citizenship the difference is practical rather than legal. Foreign nationals may own Nigerian shares, but retail brokers identify customers through the Bank Verification Number (BVN), and a BVN is tied to Nigerian identity documents. Foreign investors therefore usually work through a custodian bank, an arrangement built for institutions and larger sums. Shares Saver is currently open to Nigerian citizens only.
Documents and Identity: What to Have Ready in Canada
- A BVN. If you opened a Nigerian bank account before you emigrated, you already have one and your bank can confirm it.
- No BVN yet? Nigerian passport holders abroad can apply online for a Non-Resident BVN through the NIBSS portal at https://nibss-plc.com.ng/nrbvn/. The portal sets out the current requirements and fee.
- A National Identification Number (NIN). The National Identity Management Commission (NIMC) publishes the enrolment options for Nigerians abroad on nimc.gov.ng.
- A Nigerian bank account in your own name. It is used to pay for shares and to receive dividends and sale proceeds.
- A Nigerian passport and recent proof of your Canadian address for the identity checks.
- A CSCS account and Clearing House Number (CHN). You do not apply for these yourself: the stockbroker opens them for you once your identity has been verified.
The names on your BVN, NIN, bank account and passport need to match, so check the records against each other before you begin.
Moving Money from Canada to a Nigerian Account
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Shares on the NGX are priced and paid for in naira, and a Shares Saver account is funded from a Nigerian bank account rather than from a Canadian one. The practical question is how Canadian dollars become naira in your Nigerian account. There are three general routes:
- An international wire from your Canadian bank to your Nigerian bank account.
- A licensed remittance service that pays out in naira to a Nigerian bank account.
- A domiciliary account, which is a foreign-currency account at a Nigerian bank. It receives foreign currency that you later convert to naira.
Costs, delivery times and exchange rates differ between providers and change often, so compare the total cost of a transfer on the day you send it. Check that any service you use is licensed in Canada, and keep the transfer records for your Canadian tax filing.
The Certificate of Capital Importation, Explained
A Certificate of Capital Importation (CCI) is a record issued by a Nigerian bank showing that foreign currency was brought into Nigeria for investment. Its purpose is documented repatriation: an investor holding a CCI can use the official foreign exchange market to convert dividends and sale proceeds back into foreign currency and send them out of Nigeria.
A CCI is linked to the original inflow. It is requested from the receiving bank when the foreign currency arrives, and money that reaches Nigeria as a naira payout from a remittance service does not normally produce one. Someone who intends to keep proceeds in naira has less use for a CCI than someone who wants a documented route back to Canadian dollars. In the second case, ask your Nigerian bank how its CCI process works before the first transfer.
How Dividends Reach You
Dividends on Nigerian shares are declared in naira and paid electronically to the Nigerian bank account recorded on your e-dividend mandate. Nigerian withholding tax of 10% is deducted before payment, so the amount that arrives is the net figure. If you transfer the money to Canada, the exchange rate on the day decides what you receive in Canadian dollars, and that rate moves in both directions over time.
Tax: Nigeria First, Then the CRA
On the Nigerian side, the 10% withholding tax is the tax on dividends. Gains on selling shares are exempt under the Nigeria Tax Act 2025 where disposal proceeds are below ₦150 million and gains do not exceed ₦10 million in any 12 months, or where the proceeds are reinvested in shares of Nigerian companies.
On the Canadian side, residents are normally taxed in Canada on their worldwide income, which includes foreign dividends and gains on foreign shares. The Canada Revenue Agency (CRA) also has reporting rules for property held outside Canada. One of them is Form T1135, the Foreign Income Verification Statement, which applies once the cost of specified foreign property passes a threshold. Check the current threshold, and what counts towards it, with the CRA. Nigeria and Canada have a tax treaty, and relief for Nigerian tax already withheld may be available. Whether and how any of this applies to you is a question for a qualified Canadian tax adviser.
NGX Trading Hours in Canadian Time
The NGX trades from 9:00 to 16:00 West Africa Time (WAT), Monday to Friday. WAT is UTC+1 and Nigeria does not use daylight saving time. In Toronto, Ottawa and Montreal (Eastern Time) the session runs from 3:00 to 10:00 in winter and from 4:00 to 11:00 during daylight saving time. In Calgary and Edmonton (Mountain Time) it runs from 1:00 to 8:00 in winter and from 2:00 to 9:00 in summer. On the Pacific coast the session begins at around midnight to 1:00. Clock rules vary by province, so confirm your own offset from UTC.
Nigeria stays on UTC+1 all year. Where Canadian clocks change, the gap between you and the NGX shifts by one hour twice a year, on the Canadian changeover dates.
Most of the Nigerian trading day happens while Canada is asleep. Instructions can be given in the app at any hour and are carried out by the broker during the Nigerian session. Trades settle on T+1, one business day after the trade date.
Direct Ownership in Your Own Name
Shares bought through Shares Saver are purchased by Crown Capital Limited, a holder of an NGX trading licence, and registered in your own name in the CSCS under your CHN. They are not pooled with other investors and are not held in the name of the platform. Company notices, dividends and voting rights attach to you personally, and the holding stays under your CHN if you move province or return to Nigeria.
Nigerian citizen living in Canada? See who is eligible, what you need and how Shares Saver works for Canada-based investors.
Investing from CanadaFrequently Asked Questions
Can a Canadian citizen with no Nigerian passport buy NGX shares?
Nigerian law allows foreign nationals to own listed shares, but the retail route is closed in practice because a BVN cannot be issued without Nigerian identity documents. Foreign investors normally use a custodian bank and bring money in with a Certificate of Capital Importation. Shares Saver accepts Nigerian citizens only at present.
Can I pay for Nigerian shares straight from my Canadian bank account?
Not with Shares Saver. The account is funded in naira from a Nigerian bank account in your name, so Canadian dollars have to reach that account first, by bank wire, remittance service or a domiciliary account.
Are Nigerian dividends paid in Canadian dollars or in naira?
In naira, to the Nigerian bank account on your e-dividend mandate, after 10% withholding tax. Converting the money to Canadian dollars is a separate step that you arrange through your bank.
Do I have to tell the CRA about shares held in Nigeria?
Canadian residents normally report worldwide income, and foreign property above a CRA threshold is reported on Form T1135. The threshold and the way cost is measured are set by the CRA and can change, so confirm the current rules with the CRA or a Canadian tax adviser.
What time is it in Toronto when the NGX opens?
The NGX opens at 9:00 WAT, which is 3:00 in Toronto during winter and 4:00 during daylight saving time. It closes at 10:00 or 11:00 Toronto time.
Important disclaimer. This article is for general information and educational purposes only. It does not constitute financial advice, investment advice, or any recommendation to buy, sell, or hold any security. The value of investments can fall as well as rise. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
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