The Securities and Exchange Commission of Nigeria has officially set a 5:00 p.m. deadline for the settlement of eligible equity and commodity trades on the first business day following a transaction.
This update was communicated to all domestic capital market participants via an official circular released this Wednesday. The initiative is a continuation of the T+1 settlement cycle policy that first took effect in the Nigerian market on June 1, 2016.
By mandating that transactions be finalized within one business day after the trade date, the Commission aims to enhance market efficiency. The SEC explicitly stated that all relevant transactions must be settled in full by the designated 5:00 p.m. cutoff.
Operators who fail to maintain adequate funding in their accounts to satisfy these requirements will be subject to official default protocols. These cases will be handled according to the Central Securities Clearing System’s established Default Management Procedure.
