Nigeria’s capital market moves to T+2
01 December 2025 Nigeria
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The Central Securities Clearing System (CSCS) has confirmed the official go-live of a T+2 settlement cycle in the Nigerian capital market.
Following a long-standing T+3 cycle, the move represents a significant milestone in the ongoing modernisation of Nigeria’s post-trade infrastructure and reflects the market’s commitment to global best practices.
With the implementation of T+2, all trades executed will now settle two business days after the trade date.
The move aims to strengthen operational efficiency, enhance market liquidity, and significantly reduce counterparty risk, ultimately improving investor experience and ensuring quicker access to funds and securities.
The transition positions Nigeria more competitively within the global capital market landscape, according to CSCS, where shorter settlement cycles are increasingly becoming the standard.
Haruna Jalo-Waziri, managing director and CEO of CSCS, says: “The successful commencement of the T+2 settlement cycle is the product of extensive collaboration, rigorous testing, and the unwavering commitment of all market stakeholders.
“We are proud to lead this change at a time when efficiency and resilience are critical pillars for market competitiveness.”
CSCS has worked closely with Nigeria’s Securities and Exchange Commission (SEC), the Nigerian Exchange Group (NGX), market operators, custodians, and other market stakeholders to ensure a smooth implementation.
Comprehensive readiness assessments, industry-wide testing, and participant engagements were conducted to guarantee that systems, processes, and operational frameworks were aligned with the new cycle ahead of the launch.
Jalo-Waziri adds: “By moving to T+2, we are not only accelerating the pace at which trades are finalised but also strengthening the overall integrity and attractiveness of the Nigerian capital market.
“This transition underscores the robustness of our infrastructure and our determination to continually enhance the value we deliver to investors, intermediaries, and issuers.”
CSCS has made implementation procedures and guidelines available to all market participants to aid operational clarity and ensure seamless adoption.
Following a long-standing T+3 cycle, the move represents a significant milestone in the ongoing modernisation of Nigeria’s post-trade infrastructure and reflects the market’s commitment to global best practices.
With the implementation of T+2, all trades executed will now settle two business days after the trade date.
The move aims to strengthen operational efficiency, enhance market liquidity, and significantly reduce counterparty risk, ultimately improving investor experience and ensuring quicker access to funds and securities.
The transition positions Nigeria more competitively within the global capital market landscape, according to CSCS, where shorter settlement cycles are increasingly becoming the standard.
Haruna Jalo-Waziri, managing director and CEO of CSCS, says: “The successful commencement of the T+2 settlement cycle is the product of extensive collaboration, rigorous testing, and the unwavering commitment of all market stakeholders.
“We are proud to lead this change at a time when efficiency and resilience are critical pillars for market competitiveness.”
CSCS has worked closely with Nigeria’s Securities and Exchange Commission (SEC), the Nigerian Exchange Group (NGX), market operators, custodians, and other market stakeholders to ensure a smooth implementation.
Comprehensive readiness assessments, industry-wide testing, and participant engagements were conducted to guarantee that systems, processes, and operational frameworks were aligned with the new cycle ahead of the launch.
Jalo-Waziri adds: “By moving to T+2, we are not only accelerating the pace at which trades are finalised but also strengthening the overall integrity and attractiveness of the Nigerian capital market.
“This transition underscores the robustness of our infrastructure and our determination to continually enhance the value we deliver to investors, intermediaries, and issuers.”
CSCS has made implementation procedures and guidelines available to all market participants to aid operational clarity and ensure seamless adoption.
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