Economy
Nigeria’s Capital Market Leads Africa with Transition to T+1 Settlement Cycle
By Aduragbemi Omiyale
On Monday, June 1, 2026, the Nigerian capital market achieved a historic milestone with the successful transition to a T+1 settlement cycle.
With this feat, it becomes the first market in Africa to implement the shortened settlement framework designed to enhance efficiency, reduce risk, and improve global competitiveness.
This is part of efforts to align the ecosystem with global best practices, where shorter settlement cycles are increasingly being adopted to improve post-trade efficiency, reduce counterparty risk, and strengthen investor confidence, reaffirming regulators’ commitment to continued modernisation of market systems and processes.
The transition follows six months of coordinated industry-wide preparations involving regulators, exchanges, depositories, custodians, registrars, and other market participants, positioning Nigeria among global markets adopting shorter settlement cycles to improve post-trade efficiency and market resilience
At a ceremony to mark this achievement through a symbolic closing gong ceremony yesterday, the Director-General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, described the development as a defining moment in the market’s evolution.
“The era of T+1 has begun. In just six months, Nigeria has successfully progressed from T+2 to T+1 settlement, joining a growing group of markets embracing faster and more efficient settlement cycles.
“This achievement signals that Nigeria is prepared to undertake the structural reforms required to compete for global capital,” Mr Agama enthused.
In his goodwill message, the chairman of the Nigerian Exchange (NGX) Group Plc, Mr Umaru Kwairanga, described the transition as a key step in the ongoing transformation of Nigeria’s capital market.
He said the development underscores the shared commitment of stakeholders to strengthening market institutions, deepening investor confidence, and enhancing the market’s role in supporting economic growth and capital formation.
“Milestones such as this reinforce confidence in our institutions and demonstrate our collective determination to build a more efficient and globally competitive capital market,” he stated.
Also speaking at the event, the Chairman of Central Securities Clearing System (CSCS) Plc and chief executive of NGX Group, Mr Temi Popoola, said the transition represents a critical step in the broader evolution of Nigeria’s capital market.
He noted that while the achievement marks a significant milestone, it is part of a longer journey toward building a deeper, more liquid, and more globally competitive market capable of supporting sustained economic growth and capital formation.
“While today is a significant milestone, it is not the destination. It is part of a broader journey toward building a deeper, more liquid, efficient, and globally competitive capital market capable of supporting long-term economic growth and capital formation,” Mr Popoola stated.
On his part, the chief executive of CSCS Plc, Mr Shehu Shantali, said the milestone reflects the strength and operational readiness of Nigeria’s post-trade ecosystem, noting that the new settlement cycle would enhance transaction speed, improve liquidity efficiency, and reduce settlement exposure across the market.
“This transition is far more than a reduction in settlement timelines. It represents a strategic upgrade to market infrastructure and reinforces our commitment to building a more efficient, resilient, and globally competitive capital market,” he disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 0.21 per cent on Monday, June 1, with the market capitalisation down by N5.44 billion to N2.587 trillion from N2.592 trillion, and the Unlisted Security Index (NSI) falling by 9.10 points to close at 4,324.68 points compared with last Friday’s 4,333.78 points.
The unlisted securities exchange came under selling pressure yesterday, as investors trimmed their exposure to the landscape, with the volume of securities rising by 438.3 per cent to 3.6 million units from 666,853 units. Also, the value of securities increased by 465.9 per cent to N177.4 million from N31.4 million, and the number of deals surged by 37.0 per cent to 37 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc closed the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 61.2 million units exchanged for N4.4 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded at N415.7 million.
There were three price gainers and four losers on the first trading day of the new month yesterday, with FrieslandCampina Wamco Nigeria Plc up by N10.60 to N186.68 per share from N176.08 per share. MRS Oil Plc added N1.90 to close at N180.00 per unit versus N178.10 per unit, and Afriland Properties Plc grew by 5 Kobo to sell at N16.0o per share versus N15.90 per share.
On the flip side, CSCS Plc dropped N4.83 to trade at N72.97 per unit compared with the previous session’s N77.80 per unit, IPWA Plc lost 21 Kobo to sell at N2.03 per share versus N2.24 per share, Industrial and General Insurance (IGI) Plc fell by 6 Kobo to 54 Kobo per unit from 60 Kobo per unit, and Food Concepts Plc declined by 2 Kobo to N2.68 per share from N2.70 per share.
The market has commenced the T+1 settlement cycle, meaning securities transactions will be executed within one business day as part of efforts to enhance efficiency and speed in the Nigerian capital market.
By Adedapo Adesanya
The Naira appreciated against the United States Dollar by N8.46 or 0.62 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 1, to trade at N1,366.79/$1 compared to the previous rate of N1,375.25/$1.
Also, the local currency further gained N15.34 against the Pound Sterling in the official market during the session to settle at N1,833.28/£1 versus last Friday’s value of N1,848.62/£1, and improved against the Euro by N14.36 to sell for N1,587.12/€1, in contrast to the preceding session’s N1,601.48/€1.
At the GTBank FX bench, the Nigerian Naira chalked up N1 against the Dollar during the session to quote at N1,378/$1 compared with last Friday’s N1,379/$1, but at the black market, it maintained stability at N1,380/$1.
Nigeria’s gross external reserves settled at $49.58 billion at the end of May, a sharp rebound from the previous downtrend, driven by foreign debt service and FX intervention in the official window.
The improvement in reserve levels was likely supported by increased foreign exchange inflows, particularly from crude oil export proceeds, amid sustained strength in global oil prices.
With the stellar performance witnessed in the first half of 2026, there are expectations that the Central Bank of Nigeria (CBN) will continue to inject forex into the official market, while elevated oil prices in the global commodity market will buoy the country’s FX reserves.
As for the cryptocurrency market, prices dipped after Strategy (MSTR), the largest publicly traded holder of Bitcoin (BTC), sold some of its holdings for the first time in four years. BTC slipped 3.6 per cent to a session low of $71,014.37.
Increased risk also came as Iran reportedly halted talks with the US in protest over Israel, which has continued incursions into Lebanon. The news sent crude oil prices surging by more than $5 per barrel and US stock index futures from modest gains to modest losses.
Ripple (XRP) slumped by 2.7 per cent to $1.29, Binance Coin (BNB) declined by 2.4 per cent to $690.41, Cardano (ADA) dipped by 2.0 per cent to $0.2291, TRON (TRX) dropped by 1.8 per cent to $0.3437, Solana (SOL) lost 1.5 per cent to trade at $80.61, and Ethereum (ETH) depreciated by 0.8 per cent to $1,991.03.
But Dogecoin (DOGE) marginally grew by 0.1 per cent to $0.0998, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
Losses suffered by BUA Cement and 34 other equities due to profit-taking by investors sank Nigeria’s stock market by 1.13 per cent on Monday.
During the first trading session of this week, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited tumbled by 2,824.81 points to 247,560.66 points from 250,385.47 points, and the market capitalisation crashed by N1.811 trillion to N158.698 trillion from last Friday’s N160.509 trillion.
Sell-offs were witnessed in the industrial goods, banking and energy sectors, resulting in them closing lower yesterday by 3.86 per cent, 1.49 per cent, and 0.23 per cent, respectively. However, bargain-hunting lifted the insurance index by 0.79 per cent and raised the consumer goods by 0.02 per cent.
Business Post reports that the market breadth index was negative on a day the T+1 settlement cycle became effective. There were 25 price gainers and 35 price losers, indicating weak investor sentiment.
BUA Cement lost 10.00 per cent to trade at N378.00, Trans-Nationwide Express shed 9.85 per cent to finish at N4.76, John Holt declined by 9.73 per cent to N15.30, Red Star Express went down by 9.71 per cent to N30.70, and Deap Capital depreciated by 9.15 per cent to N5.16.
Conversely, International Energy Insurance gained 9.96 per cent to sell for N4.97, Consolidated Hallmark improved by 9.92 per cent to N6.87, The Initiates rose by 9.86 per cent to N31.20, RT Briscoe went up by 9.16 per cent to N14.90, and Ikeja Hotel soared by 8.71 per cent to N43.70.
Yesterday, investors transacted 1.1 billion shares valued at N44.3 billion in 91,880 deals compared with the 1.2 billion shares worth N43.4 billion traded in 93,626 deals in the preceding session, showing a jump in the trading value by 2.07 per cent, and a shrink in the trading volume and number of deals by 8.33 per cent and 1.87 per cent, respectively.
Abbey Mortgage Bank was the most equity for the day with 291.2 million units sold for N1.8 billion, Access Holdings exchanged 130.3 million units worth N3.1 billion, Neimeth traded 77.9 million units valued at N802.2 million, UBA transacted 76.4 million units for N3.4 billion, and The Initiates traded 61.3 million units worth N1.9 billion.
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