The Onitsha Department of the Nigerian Inventory Replace was established in 1990. It was reorganized in 2008 as item of a resident economic adulthood course of action. Onitsha is a consistent and traditional local Commerce centre. The labour marketplace has aggrandized than doubled in the preceding half-century, In spite of the Disorder of the civil struggle during the attempted Biafra method of 1967-1970.
Onitsha
Onitsha is a bazaar town 232 miles inland at the upper wrinkle of commercial pilotage for the Niger River. The town population grew from 160,000 in 1963 to half a million by 2000. Historically, Onitsha has been an interface between Non-native products from the Niger delta ports and the upstream palm oil and palm Nucleus Skiff traders. In 1916, the town marketplace aboriginal passed from check of wealthy community tradeswomen to the town council. In 1955, a doozer covered bazaar with besides than 3,000 stalls housed the metier activities of 25,000 workers. The mart was destroyed, however rebuilt in the 1970s, after the civil bloodshed.
Lagos Stock Exchange
Citation fees were charged on a sliding scale, based on the cash of the listed business, with a fixed maximum and minimum.
Call-Over
The Onitsha branch exchange was established in 1990, but was not automated, and did not have a "tick" exchange, where members trade on the floor. The branch operated on the "call-over" system used throughout the Nigerian Stock Exchange.The Nigerian Inventory Alter opened in 1960 as the Lagos Inventory Alter, with 19 listed securities. The alternate was originally operated by the Nigerian Industrial Manner Bank (NIDB) and was organised under the Central Bank of Nigeria. The leading sources of funds for the transform were membership dues, agent fees, citation fees from listed companies and grants from NIDB and the central bank. NIDB very if employment period.A call-over trade begins when the call-over clerk "calls up" a security. Dealers then quote a low buy price and a high sell price, but without saying whether they intend to buy or sell. The price of the last trade remains the value, literally pasted to the board, until the next trade is made. The clerk calls up the whole list of securities on the exchange, one at a time.
New Exchange
In February 2008, the Onitsha Stock Exchange was reinvented as Nigeria's first real-time securities exchange, including online trading. The exchange is among tenants at a new business park, built in an effort to redirect the investments of the Onitsha market from real estate to stocks. The goal for this new exchange is the national empowerment of the existing wealth from trade at the Onitsha Main Market. The Onitsha Business Park is a four-story office building that also houses the Security and Exchange Commission, insurance companies and financial companies.
Public-Private
The Nigerian Stock Exchange now lists 262 securities, including government stocks, industrial loan debenture (long term notes at fixed interest) stocks and 194 companies. The expansion at the Onitsha branch is a public-private partnership, privately financed and developed on public land provided by the national government. The business park is the first stage of an ambitious plan for a hotel, shopping mall and residential complex under the guidance of South African investors.
