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The Securities and Exchange Commission (SEC) has announced that Nigeria’s capital market will transition to a T+2 settlement cycle for equity transactions effective Friday, November 28, 2025—a major step toward aligning the market with global standards and improving overall efficiency.
Until now, the market operated on a T+3 (trade date plus three days) settlement structure.
In a statement released on Wednesday, the SEC confirmed that the transition has reached the implementation phase after months of system upgrades, market-wide testing, and stakeholder engagement.
According to the Commission, the migration to T+2 will:
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give investors faster access to their funds,
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improve market liquidity,
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reduce counterparty risks, and
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support a more resilient and competitive capital market ecosystem.
The SEC also commended the Central Securities Clearing System (CSCS), the market’s central counterparty, for its extensive operational and technical preparation. The Commission noted that comprehensive testing conducted with brokers, custodians, and other market participants recorded no system issues, signalling strong readiness for the transition.
Under the new settlement structure:
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Trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025.
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Transactions executed before the transition date will continue to follow the existing T+3 cycle.
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Notably, trades made on Thursday, November 27 will also settle on December 2, coinciding with the first batch of T+2 settlements.
The shift to T+2 marks a significant milestone for Nigeria’s capital market, reinforcing its commitment to modernization, investor protection, and global competitiveness.
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