CSCS Goes Live with T+2 Cycle To Boost Efficiency, Market Liquidity

The Central Securities Clearing System Plc (CSCS) on Friday officially commenced the T+2 settlement cycle in the Nigerian capital market, marking a major step in the ongoing modernisation of the country’s post-trade infrastructure.

The transition from the long-standing T+3 cycle is expected to enhance operational efficiency, strengthen market liquidity, reduce counterparty risk, and align Nigeria more closely with global settlement standards.

With the new framework, all trades executed from today will now settle two business days after the trade date.

The CSCS said the shorter settlement cycle will deliver quicker access to funds and securities for investors, thereby improving market confidence and competitiveness at a time when speed and resilience are becoming defining features of efficient markets worldwide.

Speaking on the milestone, Managing Director/Chief Executive Officer of CSCS, Haruna Jalo-Waziri, said the implementation reflects extensive collaboration across the market.

“The successful commencement of the T+2 settlement cycle is the product of rigorous testing and the unwavering commitment of all stakeholders.

“We are proud to lead this change at a time when efficiency and resilience are critical pillars for market competitiveness,” he said.

He noted that the move positions Nigeria for stronger participation in global markets.

“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.”

CSCS worked alongside the Securities and Exchange Commission (SEC), exchanges, custodians, market operators, and industry associations to ensure effective rollout.

Marketwide testing, readiness assessments, and operational alignment were conducted ahead of the go-live to ensure systems and processes were fully prepared for the transition.

The organisation said it remains committed to supporting market participants during the adjustment period, noting that detailed implementation procedures and guidelines have been made available on its dedicated transition portal.

The shift to T+2 is part of CSCS’s broader strategy to champion innovation, strengthen operational excellence, and deepen confidence in the Nigerian capital market as it continues to converge with global best practices.