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Clarification On The Implementation
Of The T+1 Settlement Cycle In The Nigerian Capital Market Published: August 12, 2026

T1 settlement cycle

CIRCULAR

TO ALL CAPITAL MARKET OPERATORS AND OTHER MARKET PARTICIPANTS

CLARIFICATION ON THE IMPLEMENTATION OF THE T+1 SETTLEMENT CYCLE IN THE NIGERIAN CAPITAL MARKET

The Securities and Exchange Commission (“the Commission”), hereby issues this Circular as an update to the earlier Circulars on “the implementation of the T+2 Settlement Cycle for Equities Transactions in the Nigerian Capital Market”, published on June 3, 2025, and “Transition to T+1 Settlement Cycle in the Nigerian Capital Market”, published on May 15, 2026.

The Commission hereby clarifies that settlement time for equities and commodities settled at CSCS is 5:00 p.m. T + 1 (Trade date plus one). Accordingly, all transactions in the affected securities shall be deemed fully paid at the time of settlement to ensure maintenance of the standard settlement procedure of Delivery versus Payment (DvP). Where a broker/dealer’s trading account is not adequately funded to meet its settlement obligation at the prescribed time, the default shall be managed in line with the CSCS Default Management Procedure and the transaction settlement guidelines of the Exchange concerned.

For the avoidance of doubt, foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian Capital Market. This Notwithstanding, all Capital Market Operators facilitating transactions on behalf of foreign portfolio investors are required to establish and maintain appropriate controls and processes to ensure timely funding and settlement completion within the prescribed settlement timeline.

The Commission remains committed to sustaining the progress already made towards a more efficient, resilient, and internationally aligned trading and post-trade environment. The implementation of the T+1 settlement cycle represents a significant milestone in improving settlement efficiency, reducing counterparty risk, enhancing liquidity, and strengthening the competitiveness of the Nigerian capital market, all of which improve the attractiveness of the Nigerian capital market to both domestic and international investors.

Signed

Management

August 12, 2026

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