'Bring Nairas, Buy Apple': Nigerian Stock Exchange to enable local purchases of foreign companies' shares

Nigerian Stock Exchange to list depositary receipts enabling local ownership of US stocks like that of Apple.

Nigerians will soon be able to invest in companies such as Apple Inc. and LVMH Moet Hennessy Louis Vuitton SE in their local currency at their local bourse.

Not that these global companies are looking to sell shares in the African nation yet. The Nigerian Stock Exchange plans to get custodian firms to issue depositary receipts against their stocks and offer them for trading in Lagos. The unsponsored offerings would come from the holdings of the custodians and would not involve the concerned companies.

Nigeria, Africa’s largest economy, is trying to develop its stock exchange by increasing liquidity and the products available for investors as it seeks to close the gap with South Africa, home to the continent’s biggest equity market.

Read more: ‘Bring Nairas, Buy Apple,’ Lagos Stock Exchange Tells Nigerians – Bloomberg Business