The Nigerian Securities and Exchange Commission (SEC) will implement a new T+2 settlement cycle for equities transactions, effective Friday, November 28, 2025. This change is intended to align Nigeria’s capital market with global best practices, thereby enhancing market efficiency and liquidity.
Under the new system, trades executed on November 28, 2025 will settle on Tuesday, December 2, 2025. Transactions completed before that date will continue to follow the existing T+3 schedule, meaning trades executed on Thursday, November 27 will also settle on December 2. This overlap is a deliberate feature of the transition, ensuring a seamless shift to the new settlement cycle.
The SEC has been preparing for the change for months, conducting stakeholder testing and confirming both operational and technical readiness. The central counterparty, CSCS Plc, has likewise devoted substantial resources to guarantee a smooth transition. Extensive testing with market participants has been successfully completed, reflecting high confidence in the market’s preparedness.
Migrating to a T+2 settlement cycle is expected to positively impact the Nigerian capital market. Faster settlement will give investors quicker access to funds, improve overall market liquidity, and reduce counter‑party risk exposure. These benefits should foster a more stable and resilient market environment, ultimately serving investors and other market participants.
Implementing the T+2 settlement cycle represents a significant step toward aligning Nigeria’s capital market with international standards. The SEC’s efforts to boost market efficiency and liquidity are poised to support the growth and development of the country’s capital market. With the transition set to take effect on November 28, 2025, market participants can anticipate a more efficient and stable trading environment.
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