Economy
Nigeria Eyes Ambitious T+1 Settlement Cycle for Capital Market
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc is already preparing to shift to a T+1 settlement cycle by mid-2026.
This information was disclosed by the chief executive of the company, Mr Haruna Jalo-Waziri, during a press briefing to mark Nigeria’s transition from a T+3 to a T+2 settlement cycle on Friday.
The new T+2 settlement cycle, which officially went live on Friday, will see trades in Nigeria’s capital market settled within two days from the previous three days.
This development sets the stage for the first batch of equity trades to be completed under the shortened timeline next Tuesday.
The CSCS chief said the organisation had been strengthening its capacity over time, ensuring that the eventual migration would be efficient, stable, and cost-effective, stressing that the transition aligns with global best practices and reflects the market’s readiness for faster, more reliable settlement processes.
Mr Jalo-Waziri described the implementation as a major milestone for the Nigerian capital market, reducing settlement risks and improving operational efficiency for brokers, investors, and other market participants.
He stated that the technological groundwork for this next phase has been completed, noting that CSCS is committed to meeting the deadline without delay, pointing out that the organisation is confident about the transition path and remains focused on ensuring that Nigeria keeps pace with global settlement standards.
In explaining the technological backbone of the upgrade, Mr Jalo-Waziri highlighted that CSCS deployed its proprietary core software warehouses developed by Tartar, described as the world’s largest provider of post-trade solutions.
He noted that the main software environment, servers, and security architecture are fully operational, providing the resilience and scalability required for a seamless shift to shorter settlement cycles, adding that the strengthened infrastructure will not only support faster settlement but also enhance market stability, investor confidence, and the overall competitiveness of the Nigerian capital market as it continues to integrate with global financial systems.
On his part, the chairman of CSCS Plc, Mr Temi Popoola, described the transition as a strategic move designed to strengthen investor confidence, enhance market liquidity, and align Nigeria more firmly with the standards that define world-class financial systems.
According to him, the shift to a shorter settlement cycle underscores the country’s commitment to building a market rooted in efficiency, transparency, and global competitiveness.
Mr Popoola noted that the adoption of T+2 expands the boundaries of what the market can achieve, reinforcing the groundwork for future technological and structural innovations.
He added that the development sends a clear message to domestic investors, international participants, and the global financial community that Nigeria is prepared for the next stage of capital-market advancement.
Also speaking earlier,, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, described the successful transition as a strong signal that Nigeria is committed to building a credible, resilient market ecosystem capable of attracting substantial investment.
Represented by the Commissioner of Operations, Mr Bola Ajomale, he commended the industry committee and market operators for their dedication, coordination, and technical expertise in delivering a milestone that aligns Nigeria with global settlement standards.
He urged all market participants to remain vigilant as the new cycle goes live, emphasising the need for continuous monitoring and strict adherence to operational guidelines.
Mr Agama also added that sustained collaboration will be critical in preserving investor confidence and advancing the long-term growth of the Nigerian capital market.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has stressed that Nigeria was now consolidating its macroeconomic reforms to sustain economic stability in an increasingly volatile global environment.
The Minister spoke at a high-level panel on Fiscal Policy in a Shock – Prone World at the ongoing Al Ula conference for Emerging Market Economies in Riyadh, Saudi Arabia.
“Nigeria’s macroeconomic and fiscal reforms are working. Momentum must be maintained, and the benefits channelled towards long-term growth and resilience,” he stated.
He said the government is also leveraging digital tools to improve revenue assurance, while deepening fiscal and monetary coordination and promoting realistic budgeting practices to ensure durable fiscal discipline.
He noted that despite accounting for a significant share of global growth, population and natural resources, emerging economies remain under-represented in global financial decision-making.
Mr Edun also highlighted the growing strategic importance of Gulf nations in the evolving global economic landscape.
He said countries in the Gulf are increasingly shaping global trade routes, investment flows and sources of capital, making them critical partners for emerging economies such as Nigeria.
The finance minister stressed Nigeria’s commitment to building stronger partnerships that promote a more inclusive and equitable global financial system.
He said Nigeria was positioning itself to engage constructively with global partners to support reforms that unlock growth, stability and shared prosperity.
Mr Edun’s call comes amid mounting global economic pressures. Many emerging economies are grappling with high debt levels, elevated inflation, volatile capital flows and tightening global financial conditions.
Rising interest rates in advanced economies have increased debt-servicing costs, while currency volatility has strained fiscal and external balances across Africa and other developing regions.
Global trade is also facing increased fragmentation due to geopolitical tensions, supply chain disruptions and protectionist tendencies.
These trends have disproportionately affected emerging markets that depend heavily on trade, foreign investment and access to international finance.
For Nigeria, the push for a global economic reset aligns with ongoing domestic reforms aimed at stabilising the macroeconomic environment.
The country has embarked on exchange rate reforms, fiscal consolidation and efforts to attract long-term investment to support growth and job creation.
Mr Edun has repeatedly argued that without reforms to the global financial system, domestic policy efforts in emerging economies risk being undermined by external shocks.
At the Al Ula conference, he reiterated that a more balanced global system would enhance resilience, improve access to finance and support sustainable development.
He said Nigeria would continue to engage in global policy conversations to ensure that emerging economies are not only rule-takers but active shapers of the new global economic order.
By Aduragbemi Omiyale
The N230 billion 10-year bond issued to investors by the Lagos State government has been listed on the Nigerian Exchange (NGX) Limited.
It was the Series 4 of the state government’s N1 trillion Debt and Hybrid Instruments Issuance Programme, which was sold at a coupon rate of 16.25 per cent.
It was offered for sale to bondholders in November 2025, with Chapel Hill Denham Advisory Limited as the leading issuing house and bookrunner.
The joint issuing houses and bookrunners were Asset & Resources Management Limited, Capital Bancorp Plc, Cardinal Stone Partners Limited, Cedrus Capital Limited, Comercio Partners Capital Limited, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, Dynamic Portfolio Limited, FCMB Capital Markets Limited, FCSL Asset Management Company Limited, FirstCap Limited, G.A. Capital Limited, LeadCapital Plc, Light House Capital Limited, Phoenix Global Capital Markets Limited, Quantum Zenith Capital and Investments Limited, Radix Capital Partners Limited, SFS Financial Services Limited, Stanbic IBTC Capital Limited, United Capital Plc, and, Vetiva Advisory Services Limited.
The debt instruments are callable at par after 60 months, on any coupon payment date, subject to the issuer having obtained prior regulatory approvals and upon issuance of the requisite notice to bondholders.
Business Post reports that the bond was sold at a unit price of N1,000, with the interest to be paid to investors on every May 20 and November 20 until maturity.
According to the Governor of Lagos State, Mr Babajide Sanwo-Olu, proceeds from the exercise would be used for critical infrastructure in transportation, housing, the environment, healthcare, education, urban renewal, and the provision of other sustainable infrastructure that would serve the future needs of the state.
The listing of the debt instrument on the stock exchange today, Monday, February 9, 2026, allows investors to trade the bond at the secondary market.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced plans to hold its 304th Monetary Policy Committee (MPC) meeting on Monday, February 23 and Tuesday, February 24, 2026.
This information was disclosed in a circular published on the apex bank’s official website on Monday. This will be the first meeting of 2026.
The gathering comes amid sustained efforts by the CBN to rein in inflation, stabilise the foreign exchange market, and strengthen macroeconomic conditions.
At its last MPC meeting in November 2025, the central bank retained the Monetary Policy Rate (MPR) at 27 per cent, maintaining its restrictive posture in a bid to curb inflationary pressures and stabilise the foreign exchange (FX) market.
The MPC is one of the bank’s highest policy-making bodies, responsible for formulating monetary and credit policies aimed at ensuring price stability.
Through key instruments such as the MPR, Cash Reserve Ratio (CRR), and Liquidity Ratio (LR), the committee guides interest rate conditions and overall monetary direction in the economy.
Comprising the CBN Governor, Deputy Governors, Board members, and appointed external members, the committee meets periodically to review critical economic indicators, including inflation, gross domestic product, and exchange rate developments, before taking policy decisions.
The apex bank outlined the timetable and venue in its official notice.
“The 304th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows,” the CBN said.
“Day 1: Monday, February 23, 2026 – Time: 10.00 a.m.”
“Day 2: Tuesday, February 24, 2026 – Time: 8.00 a.m.”
According to the circular, the meeting will take place at the MPC Meeting Room on the 11th floor of the CBN Head Office in Abuja.
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