Nigerian capital market transitions to T+1 settlement cycle, first in Africa
via Punch Nigeria2 min read
The Nigerian capital market has successfully transitioned to a T+1 settlement cycle, becoming the first market in Africa to implement this shortened framework. This move is designed to enhance efficiency, reduce risk, and improve global competitiveness. Emomotimi Agama, Director-General of the Securities and Exchange Commission, described it as a defining moment, noting Nigeria's rapid progress from T+2 to T+1 in six months. He stated that this reform aligns Nigeria's capital market with global best practices, improving post-trade efficiency, reducing counterparty risk, and strengthening investor confidence. Alhaji Umaru Kwairanga, Group Chairman of NGX Group, called the transition a key step in the market's transformation, reinforcing confidence in institutions and demonstrating a commitment to a more efficient market. Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, emphasized that this is part of a broader journey to build a deeper, more liquid, and globally competitive market. Shehu Shantali, Managing Director/Chief Executive Officer of CSCS Plc, highlighted that the new cycle enhances transaction speed, improves liquidity, and reduces settlement exposure, representing a strategic upgrade to market infrastructure. The transition followed six months of coordinated preparations involving various market participants.
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