Capital Market: T+2 settlement cycle begins November 28 —SEC

By Obas Esiedesa, Abuja

The Securities and Ex change Commission (SEC) has announced that Nigeria’s capital market will officially transition to a T+2 (trade date plus two days) settlement cycle for equities transactions with effect from Friday, November 28, 2025, in a move designed to align with global best practices and enhance market efficiency.

Hitherto, the market was running on T+3 (trade date plus three days) settlement cycle.

The Commission, in a statement yesterday, noted that the transition is now at the implementation stage following months of preparation and stakeholder testing.

According to the SEC, the “migration is expected to significantly enhance the Nigerian Capital Market by allowing investors quicker access to funds, thereby enhancing overall market liquidity and reducing counterparty risk exposure, thereby fostering a more stable and resilient market environment’’.

The statement further disclosed: “As the central counterparty, CSCS Plc has dedicated considerable effort and resources to ensure seamless operational and technical readiness throughout the transition. 

“Extensive testing with market participants has been successfully conducted without any reported issues, reflecting high confidence in the market’s preparedness for this landmark change”.

Under the new system, all trades executed on Friday, November 28, 2025, will be settled on Tuesday, December 2, 2025, while transactions carried out before that date will follow the existing T+3 schedule. This means that trades executed on Thursday, November 27, will also settle on December 2, coinciding with the first batch of T+2 settlements.

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