The dollar narrative is only part of the problem.
The bigger issue is liquidity; there simply isn’t enough capital locally to absorb large listings.
Take Dangote Refinery for example. At ~$20B, that’s roughly 21% of NGX’s market cap, so it makes sense it had to spread across multiple exchanges.
Until liquidity improves, even secondary listings on NGX will remain a tough sell.
I asked Mr Temi Popoola, CEO of The Nigerian Stock Exchange @ngxgrp, if he's made progress getting Interswitch and Flutterwave to list on the NGX.
His response: "If I'm a huge unicorn today and my current shareholder base is funds out of the US, funds out of anywhere in the world in Dollars. How can it be that my valuable proposition to you, as an Exchange, is a Naira listing locally? Which simply says, can we have a market that does allow a dollar-related type of listing?"
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Go back to the 1500s, you set sail for the new world to find tons of gold - that was adventure capital.
Early-stage technology is the modern version. It says we are going to create something new, and it’s risky. It’s daring.
But ordinary people can’t invest until it’s old, until it’s no longer interesting, until everybody has access to it. By the time a stock IPOs, most of the alpha is gone. The adventure is gone. Public market investors are literally last in line.
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@Taryl_Ogle@xngmarkets Africans can buy NVIDIA and Apple faster than they can buy African stocks.
Capital flows out, not in.
We’re fixing that with @xngmarkets.
@Taryl_Ogle This resonates.
Africa is leaving a lot of capital on the table due to restricted access to its equities.
We’re working on that with @xngmarkets.
I just want to randomly open an app, sell my NGX stocks without timing trading hours on a different timezone.
And waiting T+2 to get paid isn’t exactly friendly to crypto native capital, which prioritize liquidity.
The TAM for tokenized stocks is massive.
But you have to ask the real question: Why would a traditional investor switch?
Most long-term investors don’t care about 24/7 markets. They sit in ISAs, tax-free, holding for years.
They value:
> Simplicity
> Trust
> Tax efficiency
Tokenization doesn’t solve that (yet). So adoption doesn’t come from replacing them. It comes from new users.
The first wave into tokenized stocks is and has been:
> Crypto-native capital
> Global investors locked out of US markets
>Traders who want 24/7 liquidity
> Users who value speed + instant settlement
Tokenization isn’t necessarily about stealing TradFi users. It’s about expanding access and creating new demand.
@chiidubem @ThisDeolaSef @cngn_co It’s also go without saying that’s @BlockradarHQ Infra makes it even more seamless to settle with @cngn_co. On-ramp to Off-ramp is just magic 🪄