As part of the interim measures, effective from Wednesday, the NSE will take the following steps:


1. The NSE will reduce its fees by 50 per cent.

2. New listings on the Nigerian Stock Exchange is hereby suspended until the market stabilises.

3. One per cent maximum downward limit on daily price movement whilst the current five per cent limit on upward movement is retained.

4. The SEC will release guidelines for market makers on the Nigerian Stock Exchange before the end of the week.

5. The NSE has begun steps to review its trading rules and regulations.


OTHER KEY DECISIONS:

6. Henceforth, there will be strict enforcement of NSE’s listing requirements with zero tolerance for infractions. The SEC and NSE will also take administrative actions to stem the rate of new listings until the market stabilises.

7. Having gone through the steps for delisting, the stock exchange will delist all the moribund companies earlier advertised.

8. The modalities for the establishment of a Capital Market Stabilisation Fund are being worked out to intervene promptly, effectively and prudently in the Nigerian stock market as the need arises.

9. The Office of the Attorney-General of the Federation has been directed to issue an exemption to the provisions of the relevant sections of the Companies and Allied Matters Act, 1990, on share buy-backs to permit quoted companies to buy back up to 20 per cent of their shares. SEC’s approval would, however, be necessary before any quoted company is allowed to undertake any share buy-back.

10. The PAT will continue to meet regularly to articulate and implement medium to long term measures that are necessary for the healthy growth and development of the capital market.

Members of the PAT include the ministers of Finance, Justice and National Planning; the Chief Economic Adviser to the President, the Governor of the Central Bank of Nigeria and mogul Alhaji Aliko Dangote.

Others are the directors-general of the Securities and Exchange Commission, the NSE and the Debt Management Office, as well as the managing-directors of Union Bank, Access Bank and Intercontinental Bank.

Also on the team are Mr. Bolaji Balogun, Mr. Ebilate Mac-Yoroki, Mr. Kayode Falowo and Mr. Oladipo Aina.


IS THIS MARKET RIGGING OR GOOD GOVERNANCE? METHINKS ITS MARKET RIGGING WHAT DO YOU THINK GUYS?

Please tell me our regulators don't actually believe that setting a 1% floor on price movements is going to save this stock market.

These people are morons. You are only prolonging the problem and making it worse. Remove the stupid price caps and let the thing crash! Until this market finds a bottom there will be no recovery. All you are doing is delaying the wahala , the decline will continue until the market bottoms. Worse still, people will be trying to sell but won't be able to find buyers, creating lots of empty value. Then all you will see is volume decline until the market is nearly dead.

MORONS!

Remove these stupid price caps. This is retarded. What are we, a communist country?