CSCS Implements T+2 Settlement Cycle, Boosting Efficiency in Nigeria’s Capital Market
The Central Securities Clearing System Plc (CSCS) has officially implemented the T+2 settlement cycle in Nigeria’s capital market, effective Friday, November 28, 2025. The shift from the long-standing T+3 cycle marks a key milestone in modernizing post-trade infrastructure, reflecting the market’s commitment to global best practices and operational efficiency.
The Securities and Exchange Commission (SEC) Director-General, Dr. Emomotimi Agama, had earlier outlined the plan to move from T+3 to T+2 at a Trade Associations Roundtable in Abuja, focusing on ensuring stakeholder readiness. The move aligns Nigeria’s capital market with international standards, where shorter settlement cycles are increasingly becoming the norm.
Under the new T+2 system, trades executed will now settle within two business days instead of three. This change reduces counterparty risk, strengthens market liquidity, and ensures quicker access to funds and securities for investors. Market participants are expected to benefit from a smoother, more efficient trading experience, positioning Nigeria more competitively on the global stage.
CSCS Managing Director and CEO, Haruna Jalo-Waziri, highlighted the extensive collaboration, rigorous testing, and engagement with market stakeholders that made the transition possible. “This milestone signals that the Nigerian market is evolving and forward-thinking, determined to match and surpass global benchmarks in post-trade operations,” he said. The organisation has also released detailed implementation guidelines to support market participants in adapting to the new cycle.
The T+2 settlement cycle represents another step in CSCS’s ongoing mission to drive innovation and operational excellence in Nigeria’s capital market. Serving as the country’s premier capital market infrastructure and Central Securities Depository, CSCS will continue championing initiatives that promote efficiency, investor confidence, and alignment with global standards, further solidifying Nigeria’s position in the international financial ecosystem.
source: punch