CSCS announces go-live of T+2 settlement cycle in Nigerian capital market

The Central Securities Clearing System Plc (CSCS), Nigeria’s premier capital market infrastructure, has announced the official go-live of the T+2 settlement cycle in the Nigerian capital market, effective today, Friday, 28 November 2025.

The transition from the long-standing T+3 cycle marks a major milestone in the ongoing modernisation of Nigeria’s post-trade ecosystem and underscores the market’s collective commitment to meeting global standards.

With the adoption of T+2, all trades executed from today will now settle two business days after the transaction date. The development is expected to boost operational efficiency, improve market liquidity, reduce counter-party risk, and give investors quicker access to their funds and securities. It also places Nigeria more competitively on the global stage, where shorter settlement cycles are increasingly becoming the norm.

Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, said the market was fully prepared for the switch.

“The successful commencement of the T+2 settlement cycle is the result of extensive collaboration, rigorous testing, and the unwavering commitment of all market stakeholders,” he said. “We are proud to lead this change at a time when efficiency and resilience are critical for market competitiveness.”

He added that the new framework would “unlock efficiencies that will shape the future of Nigeria’s capital market for years to come,” noting that it sends a clear message that the Nigerian market is evolving and committed to matching global benchmarks in post-trade operations.

Ahead of the rollout, CSCS worked closely with the Securities and Exchange Commission (SEC), exchanges, market operators, custodians and trade associations to ensure a seamless transition. Industry-wide testing, readiness assessments and participant engagements were conducted to ensure systems and processes were fully aligned with the new cycle.

CSCS assured market participants of continued support as the ecosystem adjusts to the new settlement environment. Implementation procedures and guidelines have also been made available on the organisation’s transition portal at https://www.cscs.ng/ngt2/.

The T+2 go-live represents another significant step in CSCS’s mission to drive innovation, enhance market confidence, and strengthen the operational backbone of Nigeria’s capital market.