Oladele Oduniyi
The Securities and Exchange Commission (SEC) has confirmed that Nigeria’s capital market is moving toward a T+1 settlement cycle and a future transition to T+0.
SEC Director-General Emomotimi Agama launched the initiatives during the second Capital Market Committee (CMC) meeting for 2025, where he also confirmed Nigeria’s move toward a T+1, and eventually T+0 settlement cycle.
He also said the recent shift from T+3 to T+2, which was implemented on 28 November, marked an important step in aligning the Nigerian market with international standards. He stressed that even shorter settlement timelines will further “enhance liquidity, reduce counter-party risk, and accelerate capital reinvestment.”
The settlement reform now applies to the Nigerian Exchange (NGX), NASD OTC Securities Exchange, and the Lagos Commodities and Futures Exchange.
Agama outlined key market developments since the last CMC meeting in May, citing Nigeria’s upgraded sovereign credit rating, removal from the FATF grey list, and a decline in headline inflation to 16.05 per cent in October—its lowest level since March 2025—as factors that have supported improved investor sentiment.