NGX Trading Hours and How the Market Day Works
The NGX trades Monday to Friday, from a 9:00 a.m. pre-open to a 4:00 p.m. close. Here is what happens in each session, how price limits work and when the market is closed.
As published by the Nigerian Exchange (NGX), the equities market opens with a pre-open session at 9:00 a.m. West Africa Time, moves into continuous trading at 9:30 a.m. and closes at 4:00 p.m., Monday to Friday, excluding Nigerian public holidays. These hours took effect on Monday 27 April 2026 with the approval of the Securities and Exchange Commission, replacing the previous 9:30 a.m. to 2:30 p.m. window. This guide walks through what happens in each part of the day.
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Important disclaimer. This article is for educational purposes only. It is not financial advice and is not a recommendation to buy any specific share or investment product. Always do your own research and consider seeking independent financial advice before making any investment decision.
The NGX Market Day at a Glance
- 9:00 a.m. Pre-open: brokers can enter, amend and withdraw limit orders. No trades take place. The system uses the resting orders to calculate a theoretical opening price.
- 9:25 a.m. Pre-open imbalance: NGX publishes the theoretical opening price and any order imbalance, and allows a short window of imbalance orders and price improvement before the open.
- 9:30 a.m. Continuous trading: market and limit orders are matched as they arrive under price, cross and time priority. This is the main session, and the only one in which market orders are accepted.
- 3:50 p.m. Pre-close: continuous matching stops and the system calculates a theoretical closing price from resting limit orders.
- 3:55 p.m. Pre-close imbalance: the closing imbalance is published with a final short window for imbalance orders.
- 4:00 p.m. Close: the session ends and closing prices are set for the day.
Times and session names are as published on NGX's equities market structure page. NGX can and does change its market structure, so check ngxgroup.com or ask your broker if you need the current schedule.
Why the Day Starts and Ends With an Auction
The pre-open and pre-close sessions are call auctions rather than continuous matching. Instead of trading order by order, the system collects all the limit orders entered during the window and works out the single price at which the largest quantity can be matched. That price becomes the opening price, or the closing price. The point is to set a fair reference price from many orders at once, rather than letting the first or last trade of the day, which might be small, decide it. The closing price is what your CSCS statement, the All-Share Index and most price lists use for that day.
Placing an Order Outside Trading Hours
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The Exchange only accepts orders during its sessions, but your broker or platform may accept instructions at any time and queue them for the next session. How that queue works, whether the order goes in at the pre-open or at 9:30 a.m., and whether it is entered as a market or a limit order, is set by the broker's own procedures. If you use an automated or monthly purchase plan, the platform's broker places those orders during trading hours on the scheduled day. Ask your broker or platform how queued orders are handled.
Daily Price Limits
NGX applies a daily price band to listed equities. As published in its rules, a share's price may move up to ten percent above or below its reference price in a single day, and orders outside that band are not accepted. The Exchange also sets a minimum trade size below which a trade does not move the published price, and it has been consulting on changes to that pricing methodology. Because these details change, confirm the current rule with NGX or your broker rather than relying on a figure you read some time ago.
A price band limits how far a share can move in one day. It does not limit how far it can move over several days, and it is not a form of protection for any individual investment.
Public Holidays and Market Closures
The NGX does not trade on Nigerian public holidays. NGX publishes a trading holidays page each year listing the days on which there is no trading, which for a typical year includes New Year's Day, Eid-ul-Fitr, Good Friday, Easter Monday, Workers' Day, Eid-el-Kabir, Democracy Day, Independence Day, Christmas Day and Boxing Day. NGX notes that all holidays depend on announcements by the Federal Government, and the Eid dates in particular are confirmed close to the day. When the government declares an additional holiday, the Exchange closes and any settlement dates that fall on it move to the next business day.
After the Close: Settlement
A trade executed during the day is confirmed on your contract note, but the shares and money move later through CSCS. As published by CSCS, the Nigerian market moved to T+2 settlement on 28 November 2025 and to T+1 on 1 June 2026, so a trade now settles one business day after the trade date. Weekends and public holidays do not count as business days, which is why a Friday trade settles on the following Monday when there is no holiday in between.
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See How It WorksNGX Trading Hours: FAQs
What time does the Nigerian stock market open and close?
As published by NGX, the pre-open session starts at 9:00 a.m. West Africa Time, continuous trading runs from 9:30 a.m. and the market closes at 4:00 p.m., Monday to Friday. These hours have applied since 27 April 2026.
Can I trade on the NGX on a Saturday?
No. The NGX trades on weekdays only. Your broker or platform may let you submit an instruction at the weekend, but it is queued and entered when the market next opens.
What is the pre-open session for?
It collects limit orders before the market opens so that a fair opening price can be calculated from all of them at once. No trades happen during pre-open, and market orders are not accepted until continuous trading begins.
Why did my order not go through today?
Common reasons are that it was placed outside trading hours and is queued, that it was a limit order at a price the market did not reach, that the price was outside the daily band, or that the day was a public holiday. Your broker can tell you the status of any order.
Where do I find the official NGX holiday list?
On the trading holidays page of ngxgroup.com, which NGX updates for each calendar year and amends when the Federal Government announces or moves a holiday.
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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