Nigeria to Commence T+2 Settlement Cycle November 28

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has announced that Nigeria’s capital market will officially transition to a T+2 settlement cycle for equities transactions from Friday, November 28, 2025.

The reform, aimed at aligning Nigeria with global best practices, is expected to enhance market efficiency, improve liquidity, and strengthen investor confidence ahead of the traditional year-end rally.

With the T+2 transition, Nigeria is taking a significant step toward a more efficient, competitive, and investor-friendly capital market as it braces for becoming an ambitious $1 trillion economy.

In a statement issued on Thursday, the SEC said the migration from the current T+3 (trade date plus three days) cycle had reached full implementation following months of preparation and rigorous stakeholder testing.

“The migration is expected to significantly enhance the Nigerian capital market by allowing investors quicker access to funds, improving overall liquidity, and reducing counterparty risk exposure,” the Commission noted.

The Central Securities Clearing System (CSCS) Plc, which serves as the market’s central counterparty, was praised for ensuring operational and technical readiness.

“Extensive testing with market participants has been successfully conducted without any reported issues,” the SEC said, adding that the initiative represents a “landmark change” in Nigeria’s market infrastructure.

Under the new settlement framework, all trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025, while earlier transactions will continue under the existing T+3 system.

The SEC also reaffirmed its commitment to building a modern, transparent, and globally competitive market that continues to attract domestic and international investors.