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NSE plans to turn itself into a West African trading hub.

Nasdaq OMX to Upgrade Nigerian Bourse's Trading Platform

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US group to implement cash equities technology.

The Nasdaq OMX Group has entered into an agreement with the Nigerian Stock Exchange (NSE) to upgrade its cash equities trading platform.

The new technology will be powered by Nasdaq's X-stream software, with completion expected for the first half of 2013. X-stream will give the NSE multi-asset capability, and continues a technology provision arrangement between the two companies in place since 1997.

"Through our commitment to world-class technology we are setting the foundation for developing NSE to a West African financial hub," says Oscar Onyema, CEO at the NSE. "Moreover, with our new advanced platform in place we can broaden our product-base as well as build the capacity to offer hosting services to other exchanges in the region."

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