Nigerian Stock Exchange joins World Federation

JOHANNESBURG (AP) — The Nigerian Stock Exchange says it's become a full member of the World Federation of Exchanges just as it prepares to woo Asian fund managers.

It's taken three years for the West African exchange to win approval based on proper regulation by bodies including the Securities and Exchange Commission of Nigeria, the Central Bank of Nigeria and the Central Securities Clearing System.

CEO Oscar Onyema said Tuesday's development aides the Nigerian exchange's integration with global financial markets.

The exchange's head of strategy, Yvonne Emordi, says it sets the tone for the exchange's December tour to introduce the market to Asian fund managers investing in frontier and emerging markets.

It comes the year Nigeria, Africa's biggest oil producer, rebased its economy to overtake South Africa as the largest on the continent.