The dealing members of The Nigerian Stock Exchange are institutions who, licensed by The Exchange as stockbrokers, can buy and sell securities quoted on The Exchange on behalf of the investing public.

The Articles of Association of The Exchange define a dealing member company as:

“A company incorporated and registered under the Company’s Act which The Exchange issued a licence for the purpose of dealing in stocks, shares and other securities listed on The Exchange.”

There are today 226 dealing members of The Nigerian Stock Exchange. Many of them are affiliates of banks and other reputable financial institutions. They employ, in all, about 300 qualified dealing clerks - ladies and gentlemen who have passed the Authorised Clerkship Examination of The Nigerian Stock Exchange and the Chartered Institute of Stockbrokers of Nigeria.

Following the abrogation of The Exchange Control Act 1962 and the Nigerian Enterprises Promotion Decree 1989, foreign investors can now participate in the ownership of Nigerian stockbroking houses. Section 5 (1 & 2) of the Administrative Guidelines For Foreign Investment Through The Nigerian Stock Market provides that:

“Dealing members of The Nigerian Stock Exchange can now accommodate foreign shareholders in their equity capital; or go into any form of partnership with foreign stockbrokerage firms.”

“Applications from foreign stockbrokers as members of The Nigerian Stock Exchange can now be entertained within the Rules and Regulations of The Nigerian Stock Exchange; as well as registration with Securities and Exchange Commission and Corporate Affairs Commission.”