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Why is my order pending?
Published October 2026.
Limit orders wait; market orders (usually) do not
A limit order says "buy at ₦50 or better." If the cheapest seller wants ₦52, your order sits pending until the price comes to you, or until you raise your limit.
A market order says "buy at whatever it costs right now" and typically fills instantly, but on thinly traded stocks the "right now" price can be worse than you expect.
Most pending orders are limit orders priced away from the market. That is the order working as designed.
A worked example
The cheapest seller asking price is ₦52 and you place a limit buy at ₦50. Your order sits pending until a seller accepts ₦50. Raise your limit to ₦52 and it usually fills within seconds. The order was never broken; it was waiting for its price.
Other reasons orders sit
Price limits: the NGX caps how far a stock can move in a day (±10% for most). If your limit is beyond the day's allowed range, nothing can match it.
Low liquidity: small stocks may go minutes without a trade. Your order waits for the next counterparty to show up.
Auction phases: during the pre-open (9:00–9:30) and other auctions, orders collect but do not match until the auction uncrosses.
Broker or network delays: occasionally the holdup is on your broker's side, not the Exchange's. If an order pends far longer than similar orders, call your broker.
What you can do
Check the current bid/ask on the stock page. If your buy limit is below the best ask, you are waiting for the price to fall to you.
You can usually amend (raise your limit) or cancel a pending order from your broker's app. Do not place a duplicate order without cancelling the first, or you may end up buying twice.