Lagos, Nigeria
The Central Securities Clearing System Plc (CSCS), Nigeria’s premier capital market infrastructure, is pleased to announce the official go-live of the T+2 settlement cycle in the Nigerian capital market, effective today, Friday, 28 November 2025. This transition from the long-standing T+3 cycle represents a significant milestone in the ongoing modernisation of Nigeria’s post-trade infrastructure and reflects the market’s collective commitment to global best practices.
With the implementation of T+2, all trades executed from today will now settle two business days after the trade date. This achievement strengthens operational efficiency, enhances market liquidity, and significantly reduces counter-party 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.
Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, expressed confidence in the readiness of the market. “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.”
Mr Jalo-Waziri further added, “By moving to T+2, we are not only accelerating the pace at which trades are finalised but also strengthening the overall integrity and attractiveness of the Nigerian capital market. This transition underscores the robustness of our infrastructure and our determination to continually enhance the value we deliver to investors, intermediaries, and issuers.”
CSCS has worked closely with the Securities and Exchange Commission (SEC), the Nigerian Exchange Group (NGX), market operators, custodians, and other market stakeholders 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. You can access these on our website dedicated to the transition at https://www.cscs.ng/ngt2/
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.
About CSCS
The Central Securities Clearing System (CSCS) is a Public Limited Company 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. With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and shortening of the settlement cycle in the capital market.
CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.
Leveraging digital technologies, CSCS serves its participants, institutional investors, and retail investors through varying channels, including its web portal, www.cscs.ng; online and mobile applications; web chatbot; Data Exchange platforms; and customer service call center, 070 CALL CSCS—070022552727 or 01 448 0500, amongst others.
