Nigeria’s Central Securities Clearing System Limited (CSCS) is introducing a new system to uniquely identify financial instruments on its system.
The CSCS will use the International Securities Identification Number (ISIN) system to give a listing code to some 250 securities on the platform.
The international code will make it possible to list these securities on several exchanges globally, as the code is not specific to any one country exchange. The code applies to various forms of securities, including bonds, commercial paper, equities and warrants.
It is hoped that the use of ISINs in Nigeria would give Nigerian equities more international recognition and acceptance.
