How to Invest in Nigerian Stocks from Ghana
Nigerian citizens living in Ghana can own NGX-listed shares in their own name. This guide covers the Nigerian identity documents, moving cedi into naira, the Certificate of Capital Importation, dividends, Ghana Revenue Authority reporting in general terms, the one-hour time difference and how the NGX differs from the Ghana Stock Exchange.
Nigerian citizens living in Ghana can own shares listed on the Nigerian Exchange (NGX) in their own name without crossing the border to arrange it. A licensed Nigerian stockbroker opens a Central Securities Clearing System (CSCS) account for you, the shares are paid for in naira from a Nigerian bank account, and they are registered to you personally. Being in the same region does not change the basic rule: a Ghanaian bank account or mobile money wallet cannot fund the purchase directly.
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Who in Ghana Can Own NGX-Listed Shares?
Nigerian law does not require a shareholder to live in Nigeria. A Nigerian citizen in Accra, Kumasi, Takoradi or Tamale can be a registered shareholder of an NGX-listed company on the same footing as someone in Ibadan. Your residence status in Ghana does not affect the Nigerian side, provided you have the Nigerian identity details listed below.
Ghanaian nationals and other non-Nigerians are not barred by Nigerian law, but the retail route is closed to them in practice. Retail brokers identify customers through the Bank Verification Number (BVN), which is tied to Nigerian identity documents. Foreign investors therefore normally go through a custodian bank, an arrangement made for institutions and larger sums. Shares Saver is currently open to Nigerian citizens only.
The NGX and the Ghana Stock Exchange Are Separate Markets
The NGX lists Nigerian companies and settles through the CSCS in Lagos. The Ghana Stock Exchange (GSE) lists companies in Ghana and settles through Ghana's own central securities depository. An account with a Ghanaian broker does not give access to the NGX, and a Nigerian CHN has no meaning at the Ghanaian depository. Shares Saver deals in NGX-listed shares only.
Documents and Identity: What to Have Ready in Ghana
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- A BVN. If you have held a Nigerian bank account, you already have one and the bank can confirm it.
- If you have no BVN, Nigerian passport holders abroad can apply online for a Non-Resident BVN through the NIBSS portal at https://nibss-plc.com.ng/nrbvn/, which sets out the current requirements and fee. BVN enrolment can also be done in person at a Nigerian bank branch during a visit home.
- A National Identification Number (NIN). The National Identity Management Commission (NIMC) publishes enrolment options for Nigerians abroad on nimc.gov.ng.
- A Nigerian bank account in your own name, for paying for shares and receiving dividends and sale proceeds.
- A valid Nigerian passport and recent proof of your address in Ghana.
- A CSCS account and Clearing House Number (CHN). The stockbroker opens these for you once your identity has been verified.
Several Nigerian banking groups have subsidiaries in Ghana, but a Ghanaian subsidiary is a separate bank under Ghanaian rules. Whether one of its branches can help with a BVN or with opening a Nigerian account is for that bank to confirm. A Ghana Card identifies you in Ghana and is not used in the Nigerian checks.
Moving Money from Ghana to a Nigerian Account
Shares on the NGX are priced and paid for in naira, and a Shares Saver account is funded from a Nigerian bank account. Ghanaian bank accounts and mobile money wallets hold cedi and cannot be linked to it. In general terms the routes from cedi to naira are:
- An international transfer from your Ghanaian 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 that you later convert to naira.
Domiciliary accounts are usually offered in a few major currencies, not in cedi, so that route normally involves converting cedi into a major currency first and into naira afterwards. Charges, delivery times and exchange rates differ between providers and change often, so compare the total cost on the day. Check that the service is licensed in Ghana, and keep the transfer records.
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 into foreign currency and send them out of Nigeria.
A CCI is linked to the original inflow and is requested from the receiving bank when the foreign currency arrives. Naira delivered by a remittance service does not normally produce one. Owning shares does not depend on having a CCI. Ask your Nigerian bank how its process works, and in which currencies, before the first transfer.
How Dividends Reach You
Dividends on Nigerian shares are declared in naira and paid electronically to the Nigerian bank account on your e-dividend mandate. Nigerian withholding tax of 10% is deducted before payment, so the amount that arrives is net. Nothing is paid to a Ghanaian account or wallet. If you move the money to Ghana, the exchange rate on the day decides what you receive in cedi, and both currencies move against each other over time.
Tax: Nigeria First, Then the Ghana Revenue Authority
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 Ghanaian side, tax is administered by the Ghana Revenue Authority (GRA). How a person living in Ghana is taxed on investment income from another country depends on Ghanaian law and on whether that person counts as resident for tax purposes. Tax paid in Nigeria does not by itself settle the Ghanaian position. Confirm what, if anything, needs to be reported with the GRA or a qualified tax adviser in Ghana.
NGX Trading Hours in Ghana Time
The NGX trades from 9:00 to 16:00 West Africa Time (WAT), Monday to Friday. WAT is UTC+1. Ghana is on Greenwich Mean Time (UTC+0) all year, one hour behind Nigeria, so the session runs from 8:00 to 15:00 Ghana time. Neither country uses daylight saving time, so the gap never changes.
The NGX closes on Nigerian public holidays, which are not the same as Ghanaian ones. 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 whether you remain in Ghana or return to Nigeria.
Nigerian citizen living in Ghana? See who is eligible, what you need and how Shares Saver works for Ghana-based investors.
Investing from GhanaFrequently Asked Questions
Can I fund the account from my Ghanaian bank account or mobile money wallet?
Not directly. A Shares Saver account is funded in naira from a Nigerian bank account in your name. Cedi has to reach that account first, by international transfer, remittance service or a domiciliary account.
Is buying NGX shares the same as buying shares on the Ghana Stock Exchange?
No. They are separate exchanges with separate brokers, depositories and currencies. NGX shares are held in the Nigerian CSCS under a CHN and priced in naira. GSE shares are held in Ghana's depository and priced in cedi.
What time does the NGX open in Accra?
At 8:00 Ghana time, which is 9:00 in Lagos. It closes at 15:00 Ghana time. The difference is one hour all year because neither country changes its clocks.
Can a Ghanaian citizen open a Shares Saver account?
Not at present. Nigerian law lets foreign nationals own listed shares, but a retail account needs a BVN, which is issued against Nigerian identity documents. Foreign investors normally use a custodian bank. Shares Saver accepts Nigerian citizens only.
Are Nigerian dividends paid in cedi or in naira?
In naira, to the Nigerian bank account on your e-dividend mandate, after 10% withholding tax. Converting the money to cedi is a separate step that you arrange yourself.
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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