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The short answer
To sell Nigerian shares you instruct the stockbroker that holds your CSCS account, by phone, portal or app, giving the share, quantity and price. Once the order matches on the NGX, the trade settles two business days later (T+2, in force since 28 November 2025), and the net proceeds go to your broker; when they reach your bank then depends on your broker's payout process. Sale charges, including commission, NGX and CSCS fees and stamp duty, come off first.
Before you sell
- Know which broker holds the shares. Shares sit in a CSCS account opened under a broker. If you bought through more than one broker, each holds its own CSCS account linked to your CHN.
- Check what you hold. A CSCS stock position statement, or your broker's portfolio view, confirms the number of shares available; see how to check your CSCS statement.
- Old paper certificates must be converted into your CSCS account before you can sell on the exchange; your broker can start the request.
- Check for a dividend. If a dividend has been declared, find out the qualification date. Selling before it may mean you do not receive that dividend.
Steps to sell
- Contact your broker or open its app or portal and choose the share to sell.
- Enter the quantity and the order type. A market order sells at the best available price; a limit order sells only at your price or better. For shares that trade rarely, a limit order protects you from selling far below the last price.
- Confirm the order. It is entered into the NGX system during market hours, which NGX's market structure page gives as 9.30am to 2.30pm.
- Watch for the execution. If your order fills, you receive a contract note showing the price and every charge. Large orders in quiet shares may fill in parts over several days.
- Settlement follows on T+2. CSCS states that the seller receives cash and the buyer receives the shares on the second business day after the trade.
- Request or receive payout. Your broker pays the proceeds to your nominated bank account, either on settlement or when you request it, according to its own process.
The timeline
| Step | When (example: sale on Tuesday) |
|---|---|
| Order placed and matched | Tuesday, during market hours |
| Contract note issued | Usually the same day |
| Settlement at CSCS | Thursday (T+2), if no public holiday intervenes |
| Money in your bank | Thursday or later, depending on the broker's payout policy and your request |
Weekends and public holidays are not business days and push settlement later. A Friday sale settles on Tuesday. Our guide to NGX trading hours and settlement has a full table.
Questions to ask your broker
- Do you pay sale proceeds automatically on settlement day, or only when I request a withdrawal?
- Is there a daily cut-off time for payout requests?
- Do you charge for transfers to my bank?
- Will proceeds go only to an account in my own name?
Charges on a sale
NGX's published market structure lists, on the sell side: brokerage commission of 0.75% to 1.35%, a 0.3% NGX fee, a 0.3% CSCS fee, 0.08% stamp duty and a ₦4 trade alert. CSCS's own pricing page (effective 1 January 2026) confirms its 0.3% fee on NGX sales and adds 7.5% VAT. Your contract note shows the actual amounts.
Worked example
Example only. You sell 2,000 shares at ₦35, a sale value of ₦70,000, with a broker charging 1.35% commission. VAT of 7.5% is assumed on commission and on the CSCS fee.
| Item | Amount (₦) |
|---|---|
| Sale value | 70,000.00 |
| Commission 1.35% | 945.00 |
| VAT on commission 7.5% | 70.88 |
| NGX fee 0.3% | 210.00 |
| CSCS fee 0.3% | 210.00 |
| VAT on CSCS fee 7.5% | 15.75 |
| Stamp duty 0.08% | 56.00 |
| Trade alert | 4.00 |
| Total charges | 1,511.63 |
| Net proceeds to you | 68,488.37 |
Charges are about 2.2% of the sale value in this example. Tax on any gain is a separate question; see capital gains tax on shares.
Special cases
- Selling part of a holding
- You can sell any number of the shares you hold. Keep a note of which purchase prices you are treating as sold, for your own gain calculations.
- Shares of a deceased relative
- They cannot be sold until they are transferred to the estate or heirs through the registrar, usually with letters of administration or probate.
- Shares under a lien
- Shares pledged as security for a loan cannot be sold until the lien is lifted by the lender.
- Moving brokers
- If you want to sell through a different broker, the shares first move across by an inter-member transfer, which CSCS lists at ₦3,000 per request.
If the money does not arrive
- Check the contract note: confirm the trade executed and the date. If you are unsure how orders reach the exchange, see how the Nigerian stock exchange works.
- Count two business days for settlement, skipping weekends and holidays.
- Check your broker's cash balance for you: proceeds may be sitting there waiting for a withdrawal request.
- Contact the broker in writing with the trade date, share and amount, and keep the reply.
- If unresolved, escalate to the broker's compliance officer, then to the SEC. Check the broker's registration on the SEC's Find a Registered Operator page.
Where Pryme fits
You can ask your broker to pay proceeds into a Pryme account in your name; the money arrives as a normal bank transfer. A Naira Savings Box can then hold it while you decide what to do next, and a verifiable statement through VerifyDoc.ai can show the credit if you need proof of funds.
Questions people ask
How long does it take to get money after selling shares in Nigeria?
The trade settles two business days after it is executed (T+2). Your broker then pays you according to its own process, which may be on settlement or after you request it.
Can I sell my shares myself without a broker?
Shares on the NGX are sold through a stockbroker who is a dealing member, either directly or through an app that works with one.
What charges do I pay when selling shares?
NGX's published structure lists commission of 0.75% to 1.35%, a 0.3% NGX fee, a 0.3% CSCS fee (plus VAT), 0.08% stamp duty and a ₦4 alert.
Why has my sell order not gone through?
There may be no buyer at your limit price, or the share may trade rarely. Ask your broker whether to adjust the price or wait.
Sources
- CSCS: Nigeria's Transition to T+2 Settlement Cycle · accessed Oct 2026
- NGX: Market structure (exchange-traded funds page, last modified Apr 2021) · accessed Oct 2026
- CSCS: Charges and Fees (pricing effective 1 Jan 2026) · accessed Oct 2026
- SEC Nigeria: Find a Registered Operator · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.