CBN assumes full control of fixed-income operations

The Central Bank of Nigeria (CBN) has announced that it will take over the trading and settlement of fixed-income instruments, a role previously managed by market operators.

In a directive issued on October 3, 2025, the apex bank disclosed that, effective November 3, 2025, all settlement of fixed-income securities will migrate from the existing market-run system to the CBN’s in-house platform.

Strengthening oversight

According to the bank, the move forms part of its broader strategy to centralise oversight of the sovereign debt market, which is critical for liquidity management, interest rate transmission, and overall macroeconomic stability.

The CBN explained that centralising operations would help address long-standing challenges in the market, including fragmentation, inconsistent pricing, and limited transparency in secondary market flows.

Not an isolated step

This is not the first time the regulator has intervened directly in market operations. The bank previously introduced the B-Match platform to oversee trading and settlement in the foreign exchange market. It has also revised rules on banks’ minimum capital requirements and updated regulations for securities such as commercial papers.

By assuming full control of fixed-income operations, the CBN is signalling its intention to bring greater stability, transparency, and uniformity to one of the country’s most important financial markets.