Nigeria's Capital Market Adopts T+1 Settlement Cycle

Nigeria's capital market has officially transitioned to a T+1 settlement cycle, becoming the first market in Africa to adopt this framework. The transition ceremony took place in Lagos, where Emomotimi Agama, Director General of the Securities and Exchange Commission, described the development as a defining moment in the market's evolution.

This achievement comes just six months after Nigeria successfully moved from a T+2 to a T+1 settlement cycle, aligning with global best practices. Alhaji Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX), emphasized that this transition is a key step in the ongoing transformation of Nigeria's capital market, aimed at strengthening investor confidence and supporting economic growth.

Temi Popoola, Managing Director and Chief Executive Officer of NGX, noted that this milestone is part of a longer journey towards building a deeper, more liquid, and globally competitive capital market. The transition involved extensive coordination across the industry, including regulators, exchanges, custodians, and market participants.