Nigeria’s capital market to adopt T+2 settlement from November

The Central Securities Clearing System (CSCS) says Nigeria’s capital market will adopt the T+2 settlement cycle from Nov. 28, following a directive by the Securities and Exchange Commission (SEC).

Mr Haruna Jalo-Waziri, Chief Executive Officer of CSCS, said in a statement on Wednesday that the initiative marks a shift from the current T+3 cycle.

Jalo-Waziri said the new cycle would align Nigeria’s capital market with global standards.

He described the transition as a significant milestone for the market.

According to him, the T+2 cycle will enhance liquidity, reduce counterparty risk, and boost investor confidence.

“The transition to T+2 is a major milestone for the Nigerian capital market and reflects the collaborative spirit of our ecosystem.

“This shift aligns our market with global best practice while strengthening efficiency, resilience, and investor trust.

“CSCS is proud to coordinate this journey with the support of regulators, exchanges, and stakeholders,” he said.

Jalo-Waziri said the Settlement Cycle Review Committee (SCRC), coordinated by CSCS, conducted a multi-phase assessment to design a robust implementation framework.

He added that the committee’s report had been submitted to SEC for review and approval, ensuring a smooth transition.

He further noted that a webinar would be held to brief stakeholders, provide guidance, and ensure adequate preparation before the Nov. 28 launch.

According to him, the webinar, themed “Advancing Market Efficiency Through T+2 Settlement”, will highlight the importance of this market-wide reform.

“The virtual event will be held on Wednesday, 10 September at 10.00 a.m., featuring SEC’s Director-General and heads of Nigeria’s securities exchanges.

“Stakeholders are invited to register via this link: https://us02web.zoom.us/webinar/register/WN_bGYP_NxrQM2dUjgW54SvBg#/registration,” he said.