1️⃣ Get Your Residential Address Verified
Before anything else, you need proof of residential address (often part of KYC for both bank & brokerage accounts). Valid documents include:
PHCN bill or prepaid meter receipt
Bank statement
Water bill
Tenancy agreement with receipt
These help verify your identity when opening accounts.
2️⃣ Open a Bank Account (Naira Account)
You must have an account with a licensed deposit money bank — not OPAY or Moniepoint for brokerage funding because many brokers require a traditional bank for opening an account, but can be funded using any other bank, including OPAY, so long as it is your account.
Examples:
✔ GTBank
✔ Zenith Bank
✔ Access Bank
✔ UBA
Your bank account will be used to fund your trading account and receive dividends or withdrawals.
3️⃣ Choose a Good Stockbroker or Trading Platform
In Nigeria, you cannot buy NGX stocks directly — you must use a licensed stockbroker or SEC-registered trading platform. Some options include:
Traditional Brokers (Direct NGX Focus)
CardinalStone Securities
APT Securities
United Capital Securities
Meristem Securities
Afrinvest Securities
Online / Third-Party Platforms (Beginner-Friendly)
Cowrywise – investing via Meristem, beginner-friendly
Bamboo – Nigerian & global stocks
Trove – NGX & foreign stocks
Chaka / Yochaa / Risevest – diversified access
📌 Always confirm that the broker/platform is registered with the Securities and Exchange Commission (SEC) Nigeria and listed as a Dealing Member of NGX.
4️⃣ Open a Brokerage Account
Once you’ve chosen a broker/app:
✔ Fill the broker’s account opening form online
✔ Provide:
Valid ID (NIN, passport, driver’s license, National ID)
Proof of residential address
Bank account details & BVN
Source of funds (employment letter, company certificate, self-employed, etc.)
✔ Passport photograph(s)
This usually takes 24–72 hours for KYC verification and CSCS registration.
5️⃣ Get Your CSCS & CHN
When your brokerage account is approved, your broker will help you open a Central Securities Clearing System (CSCS) account — this is like the electronic vault where your shares are held securely. Your CSCS number is similar to your bank account number, meaning you can have many CSCS numbers, one per broker, if you register with many brokers.
You are issued a Clearing House Number (CHN) — a unique identifier that stays with you even if you switch brokers, similar to your BVN.
⏱ Typically, obtaining your CSCS & CHN takes at least 2 more working days. Your brokerage account can be ready within 5 working days.
6️⃣ Fund (Deposit) Your Trading Account
Once CHN & CSCS are set, fund your brokerage account from your bank account.
Use bank transfer, or the platform’s preferred method.
Some brokers/mobile apps allow instant funding or using a personal virtual account.
⚠️ Always fund from your verified bank account — this ensures easy withdrawal later. It is also allowed to fund your account using any of your other accounts from other banks that bear your name.
7️⃣ Understand How to Place Orders
Now you can place buy/sell orders:
✔ Market Order — Buy/Sell immediately at the current market price, depending on the availability of offers/bids at the time.
✔ Limit Order — Specify a price you want to buy/sell at and how long (1, 2, 3, 5 days, weeks?) to hold your order until a match is found for your order. Check the order book (provided by most brokers at the point of placing orders) and decide the price you wish to buy/sell at a maximum range ±10% of the opening price of the stock for the day. A minimum allowable decimal of 0.01 and 0.05 for stock prices below 100 and above 100, respectively.
Always use the Limit Order to take advantage of the market and buy stocks at a discount price or sell at a higher price for more profit. Sometimes, you may need to cancel a buy/sell order or revise it by changing your bid/offer based on the order book entries. Highest bids and lowest offers are executed first, and then what follows them in descending and ascending orders, respectively.
Your broker executes these orders on NGX on your behalf.
8️⃣ Start with Education and Practice
Before investing serious funds, educate yourself and practice:
📌 YouTube channels & content creators that visually show this process:
Nigerian Exchange Group (official NGX learning) – covers basics and market structure
YouTube search: “How to open brokerage account Nigeria stock market”
Cowrywise tutorial videos (many beginner walkthroughs)
Meristem’s MeriTrade app tutorials (https://www.youtube.com/@MeristemNigeria)
Chaka, Bamboo, and Trove tutorial playlists
Many creators show step-by-step how to open accounts and place trades (search on YouTube for e.g., “Bamboo Nigeria stock trading tutorial”).
9️⃣ Learn Market Research Techniques
Once ready to trade, develop basic research habits:
✔ Review company financials
✔ Look at share price history, say, 1-5 years (Cowrywise, Bamboo, Yochaa, etc.)
✔ Study dividends, earnings, leadership
✔ Understand basic market indicators like the NGX All-Share Index, sectoral indices, YtD, MtD, traded volume/value, deals, etc.
These help you invest wisely, not just react emotionally.
10️⃣ Monitor, Adjust, & Stay Patient
Set your investment goal ab initio (trading or medium to long-term investment), but remember that investment is more profitable in the long-term. Even if your investment goal is for the medium to long-term holding, you can still take profit if you wish, depending on the portfolio (collection of held stocks) performance.
✔ Track news and earnings
✔ Use reliable data sources (NGX website, Nairametrics, Proshare)
✔ Avoid panic selling (never sell in RED)
✔ Create a strong diversified portfolio to maximize your profit and minimize losses.
Smart beginners who stay informed tend to outperform emotionally driven traders and investors.
📌 Helpful Practical Links to Tutorials
👉 Nigerian Exchange Group (official learning) — search NGX Exchange Group on YouTube
👉 Search on YouTube: “how to open a brokerage account Nigeria stock market walkthrough”
👉 Search: “Cowrywise stock investing tutorial”
👉 Search: “Bamboo Nigeria stocks tutorial”
These visual guides show step-by-step how to:
✔ Register
✔ Fund accounts
✔ Get CHN & CSCS
✔ Place buy/sell orders
🧠 Key Takeaway (Simplified Flow)
📍 Valid residential address →
🏦 Bank account with a real bank →
📈 Choose broker/app →
📝 Open brokerage account →
🔑 Get CSCS & CHN →
💰 Fund your account →
📊 Place trades →
📚 Learn & grow gradually.
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