How To Open CSCS Account for Easy Buying and Selling of Shares at the Nigeria Stock Exchange.
How To Open CSCS Account
One easy way to make money in Nigeria without working is by investing in company shares of companies. There are many quoted manufacturing and service companies whose shares you can buy on the floor of the Nigeria stock exchange.
However to make maximum profit from buying or selling company shares in the stock exchange you need an understanding of how the stock market operation.The Nigeria stock exchange has a policy which clearly specifies that you can not buy shares or sell an existing stock in (share certificate) unless you have a CSCS account.
A CSCS account is an account where shares purchased are lodged electronically instead of paper certificates. The CSCS account was introduced some few years ago to eliminate the stress investors go through when it comes to the collection of share certificate after every public share offers.
You may want to know what CSCS is, it simply means The Central Securities Clearing System Nigeria ltd, it is the main clearing house of the Nigeria stock exchange where stock brokers go to buy and sell companies shares for their clients (investors).
Also, with the CSCS account investors in the stock market are able to monitor their shares to prevent illegal sales by some fraudulent stockbrokers.
Engage A Reputable Stockbroker
To open a CSCS account with the Central Securities Clearing Systems Nigeria ltd, you will need the services of a reputable stockbrokers in Nigeria who will assist you in opening it is free of charge and it only take some few days.
Deposit Your Share Certificate
To start the process, just go a reputable stockbroker and tell him or her you want to open CSCS account to deposit your share certificate for easy selling. He or she will give you a share certificate transfer and CSCS account opening forms, please fill these forms accordingly and don’t forget to include your Nigeria GSM phone number to enable you receive alert from CSCS that your account as been opened.
Verify Your Share Certificate
NOTE: The stock broker will still have to take your share certificate for verification at the office registrar of the issuing house for the particular public offer you bought.
Obtain Your CSCS Account Number
After the shares have been verified to be truly yours, then it is lodged into your CSCS account and immediately you receive a GSM SMS text message the central securities clearing systems Nigeria ltd that your shares had been safely deposited your account.
From now you can ask your stock broker to sell some units of your shares for you and when he sells you will surely receive a text that X units of shares ahs been sold at Y amount Z date.
I hope with piece of information you can now go ahead any time you feel like selling or buying additional shares to make money.
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