CSCS goes live with T+2 settlement cycle
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The Central Securities Clearing System Plc has officially implemented the T+2 settlement cycle in the Nigerian capital market, effective today, Friday, 28 November 2025.
A statement from the CSCS indicated that this transition from the long-standing T+3 cycle marks a significant milestone in Nigeria’s post-trade infrastructure modernisation and demonstrates the market’s collective commitment to global best practices.
The PUNCH reports that the Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, announced plans to transition Nigeria’s capital market from a T+3 to a T+2 settlement cycle at a Trade Associations Roundtable on “Ensuring Stakeholder Readiness for T+2 Settlement” held in Abuja.
With the transition to the T+2 settlement cycle, all trades executed from today will now settle two business days after the trade date, thus strengthening operational efficiency, enhancing market liquidity and significantly reducing counterparty risk, ultimately improving investor experience and ensuring quicker access to funds and securities. The transition also positions Nigeria more competitively within the global capital market landscape, where shorter settlement cycles are increasingly becoming the standard.Managing Director and Chief Executive Officer of CSCS, Haruna Jalo-Waziri, expressed confidence in the market’s readiness for the transition. He said, “The successful commencement of the T+2 settlement cycle is the product of extensive collaboration, rigorous testing and the unwavering commitment of all market stakeholders. We are proud to lead this change at a time when efficiency and resilience are critical pillars for market competitiveness.
“As we embrace the T+2 framework, we are unlocking efficiencies that will shape the future of Nigeria’s capital market for years to come. This milestone sends a clear message that the Nigerian market is evolving, forward-thinking and determined to match and surpass global benchmarks in post-trade operations.”
The CSCS also indicated that it had worked closely with the SEC, exchanges, market operators, custodians and key trade associations to ensure smooth implementation.
“Comprehensive readiness assessments, industry-wide testing and participant engagements were conducted to guarantee that systems, processes and operational frameworks were aligned with the new cycle ahead of today’s launch. As the market adjusts to this new settlement environment, CSCS remains committed to providing continuous support and guidance. The organisation has also made implementation procedures and guidelines available to all market participants to aid operational clarity and ensure seamless adoption.
“The T+2 transition marks another bold step in CSCS’s long-standing mission to drive innovation and operational excellence across Nigeria’s capital market. The organisation will continue to champion initiatives that strengthen market confidence, promote efficiency and align the Nigerian market with global standards,” the statement concluded.
The CSCS is Nigeria’s premier capital market infrastructure, with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders. It serves as the Central Securities Depository for the Nigerian capital market.
