CHAPTER ONE
INTRODUCTION
The Nigerian Stock Exchange act as centre of the Nigerian Capital market. This market was established in 1960 and was expected to help in the mobilization of funds for capital development within the public and private sector of the economy. The Exchange began operation in 1961 with a trading floor in Lagos and only nineteen securities worth about N8 million. However, today the Exchange has developed a fairly good infrastructure, comprising six branches each with trading floor one hundred and forty (140) stock brokerage firms, over forty (40) merchant banks, many of them acting as issuing houses. It performs various functions, which comprises of assistance being given to companies to raise capital by helping to change their securities to cash. The valuation of shares, stocks and other securities, acting as a market for the selling of securities and the form of assistance being given to government in implementing its monetary policies.
Because of loyal administration bottleneck, it was noble to fulfill this role as envisaged, many reforms were developed to alleviate this bottlenecks of which the structural adjustment programme (SAP), commercialization and privatization programmes and others have been a sort of impetus to the efficiency of the capital market. In particular, there is the difficulty associated with the transfer of share and production of new certificate for traded securities, which take months to conclude. In order to obviate these bottlenecks, the Nigerian Stock Exchange incorporated the latest of its reform in the Central Securities Clearing Systems Limited (CSCS Ltd.). The Central Securities Clearing System Limited (CSCS Ltd.) to implement a computerized Stock Exchange Manag ...