Nigeria’s Capital Market to Transition to T+2 Settlement Cycle in November, Says CSCS

Nigeria’s capital market will adopt a T+2 settlement cycle from 28 November 2025, following a directive from the Securities and Exchange Commission (SEC), according to the Central Securities Clearing System (CSCS).

Mr Haruna Jalo-Waziri, Chief Executive Officer of CSCS, announced the development in a statement on Wednesday, describing it as a major shift from the current T+3 settlement framework.

Jalo-Waziri noted that the transition would bring Nigeria’s capital market in line with international standards, improving efficiency and investor trust.

“The transition to T+2 is a major milestone for the Nigerian capital market and reflects the collaborative spirit of our ecosystem,” he said.

“This shift aligns our market with global best practice while strengthening efficiency, resilience, and investor confidence. CSCS is proud to coordinate this journey with the support of regulators, exchanges, and stakeholders.”

According to Jalo-Waziri, the Settlement Cycle Review Committee (SCRC), coordinated by CSCS, carried out a multi-phase assessment to design a strong implementation framework. The committee’s recommendations have already been submitted to SEC for approval to ensure a seamless rollout.

He explained that the T+2 cycle is expected to enhance market liquidity, reduce counterparty risk, and boost overall investor confidence.

Ahead of the November launch, CSCS will host a stakeholder webinar on Wednesday, 10 September at 10.00 a.m. The event, themed “Advancing Market Efficiency Through T+2 Settlement”, will feature SEC’s Director-General alongside the chief executives of Nigeria’s securities exchanges.