Nigeria, April 3 -- Nigerian Exchange Limited has sanctioned five stockbroking firms for market manipulation, imposing penalties totaling N291.29 million as regulators intensify efforts to restore confidence in Nigeria's capital market.

Following enquiries that revealed recurring violations, including wash trades, self-matching transactions, and fake price movements meant to mislead investors, NGX Regulation Limited told the Securities and Exchange Commission the enforcement activity.

Among the impacted companies, CSL Stockbrokers were fined the most, N91.29 million; Cowry Securities, Meristem Stockbrokers, SMADAC Securities and Associated Asset Managers were each penalised N50 million. Beyond the financial sanctions, all five companies...