Nigeria: SEC to Commence T+2 Settlement Cycle in Capital Market on Friday

The Securities and Exchange Commission (SEC) will, from Friday, November 28, 2025, commence the implementation of a T+2 (trade date plus two days) settlement cycle for equities transactions—marking a major shift aimed at strengthening market efficiency and aligning Nigeria’s capital market with global standards.

In a statement, the Commission confirmed that the transition from the existing T+3 settlement structure has reached the execution phase after extensive planning, system enhancements, and market-wide testing.

According to the SEC, the migration is expected to “significantly enhance the Nigerian capital market by enabling investors to access funds more quickly, improving overall liquidity, and reducing counterparty risk—ultimately supporting a more stable and resilient market ecosystem.”

The Commission also highlighted the critical role of CSCS Plc, noting that the central counterparty has invested heavily in ensuring full operational and technical readiness. It added that multiple rounds of testing with market operators were conducted successfully, with no reported challenges—an indication of the industry’s preparedness for the transition.

Under the revised settlement framework, all trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025. Transactions conducted before that date will continue under the T+3 cycle, meaning trades executed on Thursday, November 27, will also settle on December 2—coinciding with the first T+2 settlement batch.

Reaffirming its commitment to market modernization, the SEC emphasized that it will continue to work closely with stakeholders to deepen reforms, enhance transparency, and strengthen Nigeria’s position as a competitive and attractive investment destination.