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How do I sell my shares on the Nigeria stock market (NGX)?
Stocks are sold through the stock exchange using a licensed stockbroker or brokerage app. In Nigeria, shares are traded mainly on the Nigerian Exchange Group (NGX). Here is the practical process from start to finish: How Stocks Are Sold When you sell shares: You instruct your broker to sell. Your brRead more
Stocks are sold through the stock exchange using a licensed stockbroker or brokerage app. In Nigeria, shares are traded mainly on the Nigerian Exchange Group (NGX).
See lessHere is the practical process from start to finish:
How Stocks Are Sold
When you sell shares:
You instruct your broker to sell.
Your broker places a sell order on the market.
Buyers in the market purchase the shares.
The shares move from your CSCS account to the buyer.
The money is credited to your brokerage wallet/account.
You withdraw the cash to your bank account.
What You Need Before Selling
You typically need:
A brokerage account
Your CSCS account
Shares already credited to your CSCS
Bank account linked to the broker
Examples of Nigerian brokerage platforms:
meritrade.com.ng
cardinalstone.com
stanbicibtc.com
investbamboo.com
Step-by-Step Procedure to Sell Shares
1. Log Into Your Brokerage App
Open your brokerage platform.
Go to:
Portfolio
Holdings
Investments
My Stocks
You will see the shares you own.
2. Select the Stock You Want to Sell
Example:
Access Holdings
GTCO
Zenith Bank
MTN Nigeria
Choose the quantity you want to sell.
Example:
You own 5,000 shares
You decide to sell 2,000 shares
3. Place a Sell Order
You usually enter:
Quantity
How many shares you want to sell.
Price
The price per share you want.
You may choose:
Market Order → sell immediately at market price
Limit Order → sell only at your chosen price
Example:
Sell 2,000 Access shares
At ₦25 per share
4. Broker Sends It to NGX
Your broker submits the order to the market.
If buyers are available at your price:
the trade executes.
If no buyer accepts your price:
the order remains pending.
5. Trade Execution
Once matched:
shares leave your CSCS account,
proceeds appear in your brokerage cash balance.
6. Settlement Period
Nigeria currently operates roughly on a T+3/T+2 style settlement cycle depending on the broker/system transition period.
Meaning:
after the sale,
cash may take about 2–3 business days before withdrawal is fully available.
7. Withdraw Your Money
After settlement:
go to “Withdraw”
enter bank details
transfer proceeds to your bank account.
Important Things To Know Before Selling
1. Verify Your Shares Are In CSCS
Some shares may still be:
pending allotment,
dematerialization pending,
or not yet credited.
If shares are not visible in CSCS, they usually cannot be sold yet.
2. Watch Liquidity
Some Nigerian stocks are illiquid.
This means:
there may not be enough buyers,
so selling can take time.
Large-cap banking stocks usually sell faster.
3. Check Charges
Selling shares usually attracts:
broker commission,
NGX fees,
SEC fees,
VAT,
CSCS charges.
The deductions are automatic.
4. Capital Gains Tax
Nigeria currently has evolving tax treatment on capital market gains. Large or institutional transactions may have additional considerations, so monitor current SEC/FIRS rules or ask your broker/accountant for updated treatment.
Example of a Full Sale
Suppose you own:
10,000 Access Holdings Plc shares.
Current market price:
₦24
You sell:
5,000 shares.
Gross value:
₦120,000
After fees:
maybe around ₦118k–₦119k net.
Settlement occurs. You then withdraw to your bank.
If You Want To Sell Physical Share Certificates
That process is different.
You first need:
Dematerialization
CSCS crediting
Registrar/broker processing
Only then can the shares be sold electronically.
Best Practice Before Selling
Before placing a sell order, check:
current market price,
bid/ask volume,
recent price trend,
whether dividends are approaching,
whether the company is undervalued or overvalued.
Selling too early is a common mistake new investors make.
What Are the Best Stock Investment Apps for Beginners in Nigeria in 2026?
For a beginner in Nigeria, the best stock app is usually the one that balances: reliability, easy interface, fast deposits/withdrawals, SEC regulation, and beginner-friendly learning. Based on current reputation, usability, and beginner experience, these are the strongest options right now: 1. BamboRead more
For a beginner in Nigeria, the best stock app is usually the one that balances:
See lessreliability,
easy interface,
fast deposits/withdrawals,
SEC regulation,
and beginner-friendly learning.
Based on current reputation, usability, and beginner experience, these are the strongest options right now:
1. Bamboo — Best Overall for Beginners
Bamboo
This is probably the easiest starting point for most new investors in Nigeria. Many beginners prefer it because the app interface is simple and not overwhelming. It supports both Nigerian and U.S. stocks.
Good for:
beginners,
small starting capital,
long-term investing,
learning gradually.
Advantages
Clean and fast app
Easy funding
Fractional investing
Nigerian + U.S. stocks
Good educational content
Easy portfolio tracking
Weaknesses
Sometimes slower withdrawals during heavy traffic
Customer support can occasionally delay during peak periods
Best Use
If you want:
“one app to learn investing comfortably.”
This is likely your best starting option.
2. Trove — Best for Diversification
Trove
Trove gives access to:
Nigerian stocks,
U.S. stocks,
ETFs,
bonds,
REITs.
It is slightly broader than Bamboo in asset variety.
Advantages
Wide investment choices
Low entry amount
Good for diversification
Nigerian market access
Weaknesses
App can occasionally lag
Slightly more complex for absolute beginners
Best Use
Good if you already know:
you want both local and foreign assets.
3. Meritrade — Best for Serious Nigerian Stock Investing
Meritrade
This is more traditional and directly tied to the Nigerian stock market through Meristem Securities
Advantages
Strong Nigerian stock focus
Reliable execution
Research reports and stock analysis
Better for long-term NGX investors
Weaknesses
Less modern-looking app
Slightly steeper learning curve
Best Use
Good for investors mainly interested in:
NGX dividend stocks,
Nigerian equities,
and deeper market participation.
4. Chaka — Good Alternative for Beginners
Chaka
Chaka is beginner-friendly and supports Nigerian and foreign stocks. It is also SEC-regulated.
Advantages
Easy onboarding
Beginner-oriented
Good for small capital
Educational support
Weaknesses
Not as smooth as Bamboo for some users
Smaller community presence
My Recommendation Based on Your Current Level
From your recent questions, your investing style currently looks:
cautious,
learning-oriented,
long-term focused,
dividend-curious,
and risk-aware.
So I would structure it like this:
Goal
Recommended App
Learning stocks comfortably
Bamboo
Nigerian dividend investing
Meritrade
Mixed local + foreign investing
Trove
Passive investing
Risevest
Best Beginner Combination
A very practical combination is:
Primary App:
Use:
Bamboo
to learn:
buying/selling,
stock tracking,
portfolio behavior.
Secondary App:
Use:
InvestNaija or Meritrade
for:
Nigerian dividend investing,
local market exposure.
This creates balance.
Important Things to Check Before Choosing Any App
1. SEC Regulation
Only use regulated platforms.
2. CSCS Integration
For Nigerian stocks, ensure your holdings are tied to your:
CSCS account.
That protects ownership.
3. Withdrawal Reliability
Test with small amounts first.
Many experienced investors recommend:
deposit small,
buy small,
then test withdrawal before scaling up.
4. Don’t Start With Margin or Forex
As a beginner:
avoid leverage,
avoid forex speculation,
avoid “quick profit” trading groups.
Start with:
long-term investing,
dividend stocks,
gradual learning.
The Most Important Beginner Advice
Your first goal is not “high profit.”
Your first goal is:
understanding how markets behave,
learning emotional control,
and avoiding permanent capital loss.
A beginner who survives and keeps learning usually outperforms the beginner chasing fast gains.
If You Want the Simplest Path
Start with this:
Open Bamboo
Fund small amount
Buy 1–2 quality stocks only
Observe market movement for 3–6 months
Read company results and dividend announcements
Learn before increasing capital
That is a far safer path than rushing into aggressive trading.
Why Is InvestNaija Showing “Email and Token Required” When I Try to Withdraw Funds in Nigeria?
What you're seeing usually means InvestNaija requires two-factor authentication (2FA) for withdrawals: Email OTP → sent to your email (you’re receiving this) Token / Authenticator code → generated from an authenticator app (this is what you're missing) This is a security requirement many investmentRead more
What you’re seeing usually means InvestNaija requires two-factor authentication (2FA) for withdrawals:
See lessEmail OTP → sent to your email (you’re receiving this)
Token / Authenticator code → generated from an authenticator app (this is what you’re missing)
This is a security requirement many investment platforms use to prevent unauthorized withdrawals.
Why you’re seeing “Email + Token required”
Some InvestNaija accounts are configured to require both email OTP and authenticator token
If you never set up an authenticator, the system may still be expecting one (this happens sometimes due to security updates or account settings)
InvestNaija itself notes that if you experience difficulty initiating withdrawal, you should contact their support team directly.
What You Should Try First
Try these steps:
Step 1 — Check Security Settings
Open your InvestNaija app and check:
Settings
Security
Two-factor authentication / Authenticator
Look for:
Google Authenticator
Microsoft Authenticator
Authy
If you see “Enable Authenticator” → set it up.
Step 2 — If You Never Set It Up (Most Likely Your Case)
You must contact support to reset your withdrawal security:
Email: info@investnaija.com
Phone: 0700-INVESTNAIJA
Tell them:
“I receive email OTP but I was never given a token or authenticator setup. I cannot withdraw.”
They usually reset or guide you.
Important ⚠️
Do NOT:
Download random “token apps” unless they tell you which one
Share your OTP with anyone
Pay any “withdrawal unlocking fee” (this is a red flag)