SEC to implement T+2 settlement November 28

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Barbara Bako, Abuja.

The Securities and Exchange Commission (SEC) has announced that the Nigerian capital market will transition to a T+2 settlement cycle for equities transactions effective Friday, November 28, 2025, to align with global standards and improve market efficiency.

In a statement on Thursday, the Commission said the shift from the current T+3 (trade date plus three days) cycle follows months of preparation and successful stakeholder testing to ensure a smooth transition.

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 Commission noted that the Central Securities Clearing System (CSCS) Plc had played a key role in ensuring operational readiness.

“As the central counterparty, CSCS Plc has dedicated considerable effort and resources to ensure seamless operational and technical readiness throughout the transition,” it stated.

“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,” the SEC added.

Under the new cycle, trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025, while earlier trades will follow the existing T+3 schedule.

Trades executed on Thursday, November 27, will also settle on December 2, coinciding with the first T+2 settlements.

The SEC reaffirmed its commitment to building a modern, transparent market and said it would continue engaging stakeholders to strengthen Nigeria’s appeal to investors.