An appraisal of regulatory reforms’ influence on market transparency in Nigeria: A study of the Nigerian Stock Exchange (2000–2020).
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Background of the study:
Regulatory reforms are essential for ensuring transparency and fairness in financial markets. In Nigeria, reforms targeting the Nigerian Stock Exchange (NSE) have aimed to improve disclosure standards, enhance investor protection, and promote market integrity. Over the period under review, the introduction of modern regulatory frameworks and enforcement mechanisms has contributed to a more transparent trading environment. These reforms have facilitated the flow of accurate financial information and reduced the incidence of market manipulation, thereby increasing investor confidence (Adeniyi, 2023). However, challenges such as inadequate regulatory oversight, inconsistent enforcement, and rapid market evolution continue to affect transparency levels (Chinwe, 2024; Ibrahim, 2025). This study critically appraises the influence of regulatory reforms on market transparency in the NSE, analyzing how changes in regulation have impacted information disclosure, investor behavior, and overall market performance. The analysis also considers the interplay between regulatory practices and technological advancements in fostering a transparent financial market.
Statement of the problem:
Despite recent regulatory reforms, the Nigerian Stock Exchange continues to face challenges in achieving complete market transparency. Gaps in enforcement, inconsistent regulatory practices, and rapid technological changes have sometimes undermined the intended benefits of these reforms (Adeniyi, 2023; Chinwe, 2024). These shortcomings lead to reduced investor confidence and hamper market efficiency. This study seeks to identify the factors limiting transparency and propose measures to enhance regulatory effectiveness.
Objectives of the study:
- To evaluate the impact of regulatory reforms on market transparency at the NSE.
- To identify challenges hindering transparency in the financial market.
- To recommend strategies for improving regulatory oversight.
Research questions:
- How have regulatory reforms affected market transparency at the NSE?
- What challenges limit the effectiveness of these reforms?
- What measures can enhance transparency and investor protection?
Research Hypotheses:
- Regulatory reforms significantly improve market transparency.
- Inconsistent enforcement negatively affects transparency levels.
- Strengthened oversight mechanisms enhance investor confidence.
Significance of the study:
This study is significant as it examines how regulatory reforms impact market transparency in Nigeria’s stock exchange. The findings will assist regulators and market participants in addressing transparency challenges, ultimately contributing to a more robust and reliable financial market environment (Ibrahim, 2025).
Scope and limitations of the study:
This study is limited to evaluating the influence of regulatory reforms on market transparency at the Nigerian Stock Exchange, focusing on disclosure practices and regulatory enforcement.
Definitions of terms:
- Regulatory Reforms: Changes in laws and policies aimed at improving market oversight.
- Market Transparency: The degree to which market information is accessible and reliable.
- Investor Protection: Measures designed to safeguard the interests of investors.
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