Securities and Exchange Commission, SEC has approved the Par Value Rule submitted to it by the National Council of the Nigerian Stock Exchange, NSE.
This is coming on the heels of the draft Rule submitted (for stakeholders’ comment) by the Rules and Adjudication Committee of Council of the NSE on 21 October 2014.
The Rule states that “notwithstanding its par value, the price of every share listed on The Exchange shall be determined by the market, save that no share shall trade below a price floor of one Kobo per unit (N0.01)”.
“Note however, that the NSE is yet to officially communicate when the implementation of the Rule will commence,” a Cordros update affirmed.

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