The Securities and Exchange Commission (SEC) has approved a new settlement cycle for Nigeria’s capital market, reducing transaction completion from T+3 to T+2, effective November 28.
The announcement was made by Haruna Jalo-Waziri, Chief Executive Officer of the Central Securities Clearing System (CSCS), in a statement on Wednesday.
Under the new system, capital market transactions will now be settled two business days after the trade date, compared to the current three-day cycle.
Jalo-Waziri described the transition as a major milestone that positions Nigeria’s market in line with global best practices.
He noted that the T+2 cycle will enhance liquidity, minimize counterparty risks, and strengthen investor confidence.
“The transition to T+2 is a major milestone for the Nigerian capital market and reflects the collaborative spirit of our ecosystem,” Jalo-Waziri said.
This shift aligns our market with global standards while improving efficiency, resilience, and investor trust.
CSCS is proud to lead this transformation with the support of regulators, exchanges, and stakeholders.
According to him, the Settlement Cycle Review Committee (SCRC), coordinated by CSCS, conducted a detailed multi-phase assessment and submitted its framework to SEC for review and approval.
The move is expected to bring Nigeria’s capital market closer to international benchmarks and boost its competitiveness.