I’m trying to buy shares but the system kept saying NO TRADING ACCOUNT NUMBER, how can i rectify and solve this issue?
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I’m trying to buy shares but the system kept saying NO TRADING ACCOUNT NUMBER, how can i rectify and solve this issue?
Having a CSCS account does not necessarily mean you can directly buy and sell NGX shares yourself. Think of the two roles this way: CSCS = where your securities are recorded and held. Stockbroker = the licensed intermediary that executes your buy and sell orders on the Nigerian Exchange. NGX statesRead more
Having a CSCS account does not necessarily mean you can directly buy and sell NGX shares yourself.
Think of the two roles this way:
CSCS = where your securities are recorded and held.
Stockbroker = the licensed intermediary that executes your buy and sell orders on the Nigerian Exchange.
NGX states that investors who want to trade securities on the exchange must appoint a licensed stockbroker/trading license holder to facilitate their trading account and transactions.
So if you have a CSCS account but cannot buy shares, check whether you also have an active trading account with a licensed stockbroker and whether your KYC details and account setup are complete.
For example, simply knowing your CSCS/CHN number does not give you a button on CSCS where you can enter “Buy 100 shares.” Your broker is normally the channel through which that trade is executed, while CSCS handles the clearing, settlement and custody records.
If you already have a broker and still cannot place an order, contact the broker and ask them to check your trading account status, KYC details, funding and whether there is any restriction on the account.
The important distinction is:
CSCS account ≠ stock trading account.
You generally need the appropriate relationship with a licensed stockbroker to actually execute trades on NGX.
See lessHow to fix it 1 Go to any stockbroker or your bank investment unit 2 Register for CSCS account with BVN ID and passport photo 3 Link your bank account to the CSCS account 4 After 1 to 2 days you will get a trading account number 5 Use that number to buy shares Bottom line You need CSCS plus broker fRead more
How to fix it
1 Go to any stockbroker or your bank investment unit
2 Register for CSCS account with BVN ID and passport photo
3 Link your bank account to the CSCS account
4 After 1 to 2 days you will get a trading account number
5 Use that number to buy shares
Bottom line
See lessYou need CSCS plus broker first before you can buy shares
You need to tell what stock broker are you using Although,I never encounter such problem But one of the main cause is your name didn't tally with bvn,bvn didn't goes with Nin You will need to reverified that is you not a scammer trying to use someone bvn even with facial verification
You need to tell what stock broker are you using
See lessAlthough,I never encounter such problem
But one of the main cause is your name didn’t tally with bvn,bvn didn’t goes with Nin
You will need to reverified that is you not a scammer trying to use someone bvn even with facial verification
Mama Ngozi is excited to help you with setting up your trading account to buy shares. Imagine walking into Alaba International Market to buy goods to sell in your village. You must have a stand at the market where you display your products, right? That stand is like your trading account number in thRead more
Mama Ngozi is excited to help you with setting up your trading account to buy shares. Imagine walking into Alaba International Market to buy goods to sell in your village. You must have a stand at the market where you display your products, right? That stand is like your trading account number in the financial world.
Now, when the system says “NO TRADING ACCOUNT NUMBER,” it’s like not having a stand at Alaba Market. You need that stand to trade. In the same way, you need a trading account number to buy shares in the stock market.
To get your trading account number, you need to visit a stockbroker or an investment platform in Nigeria, just like you’d go to a market stall to set up your display. The stockbroker will help you open the trading account, which is like renting a space at the market.
They will provide you with a unique trading account number, which is like the stall number at the market. Once you have this number, you can start buying shares and participating in the market just like displaying and selling your goods at Alaba Market.
So, to rectify the issue, reach out to a licensed stockbroker, open a trading account with them, and get your unique trading account number. This way, you can start buying shares and building your investment portfolio in the Nigerian stock market. Happy trading, just like Mama Ngozi at Alaba Market!
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