ABUJA, July 20 – Nigeria’s Securities and Exchange Commission (SEC) says it is working towards achieving a sustained near-zero trade fail rate under the country’s new T+1 settlement framework in the second half of 2026.
SEC Director-General, Dr. Emomotimi Agama, said the Commission’s focus is to ensure smooth delivery-versus-payment across brokers, custodians, settlement banks and the Central Securities Clearing System (CSCS) Plc as the market adjusts to the shorter settlement cycle.
According to him, early results since the T+1 framework was introduced in June have been encouraging, and the Commission is aiming to record at least one full quarter of seamless settlement performance.
He also stated that the SEC is working with the Central Bank of Nigeria (CBN), custodians and settlement banks to support same-day foreign exchange transactions and confirmations, making it easier for foreign investors to complete funding and currency conversion within the new timeline without pre-funding.
He added that the Certificate of Capital Importation (CCI) process must become fully digital, faster and more predictable to support smooth entry and exit for foreign investors.
The T+1 settlement cycle, launched by the CSCS last month, allows securities transactions to settle on the next business day instead of two days later, bringing Nigeria’s capital market in line with several major global markets.
Agama described FTSE Russell’s decision to keep Nigeria under review during the transition as a normal step taken when markets introduce major structural changes. The global index provider is expected to announce its decision on Nigeria’s possible return to Frontier Market status by the end of August 2026.
Despite expectations of a more selective investment environment in the second half of the year, Agama said improving foreign investor participation, bank recapitalisation, new listings and resilient corporate earnings continue to support the market.
