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ISIN Issuance

An International Securities Identification Number (ISIN) is a 12-digit alphanumeric code that uniquely identifies a specific security. Its structure is defined in ISO 6166. An ISIN code assists with identification and cross border communication between various exchanges.

ISINs consist of the following:

  1. Two alphabetic characters, which are the ISO 3166-1 alpha-2 code for the issuing country (for Nigeria the code is “NG”).
  2. The basic code, which is nine characters (alphanumeric) in length.
  3. One numerical check digit.

ISINs are allocated by a country’s respective national numbering agency (NNA). CSCS is the sole National Numbering Agency (NNA), licensed by the Association of National Numbering Agency (ANNA), in Nigeria.

The ISIN Issuance Process

Issuer pays the ISIN/Symbol creation fee
Issuer provide the details of the security and evidence of fee payment to CSCS
CSCS creates the ISIN for the security and advice the issuer
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ISINs are issued per security. Therefore, more than one ISIN cannot be issued for security. Conversely, no two or more securities can be issued the same ISIN. This applies to even cases where, different instruments have the same attributes such as maturity dates, tenor, etc.

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