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Transition To T+1 Settlement Cycle
In The Nigerian Capital Market

s cycles t +1

Further to the successful implementation of the T+2 settlement cycle on November 28, 2025, and in furtherance of its mandate to promote an efficient, fair, and transparent capital market, the Securities and Exchange Commission (“the Commission”) hereby announces the transition to a T+1 settlement cycle for equities and commodities transactions cleared and settled by the Central Securities Clearing System (CSCS), with effect from Monday, June 1, 2026.

The migration to a T+1 settlement cycle forms part of the Commission’s ongoing market modernization initiatives aimed at enhancing market efficiency, strengthening risk management, reducing counterparty exposure, improving liquidity, and aligning the Nigerian capital market with international standards and global best practices.

Accordingly, all eligible trades executed in the Nigerian capital market shall settle one business day after the trade date (T+1).

Implementation Highlights

• Effective Monday, June 1, 2026, all eligible trades shall settle on a T+1 basis.

• Friday, May 29, 2026, shall be the final trading day under the existing T+2 settlement cycle.

• Trades executed on Friday, May 29, 2026, and Monday, June 1, 2026, shall both settle on Tuesday, June 2, 2026.

• All trades executed from Monday, June 1, 2026, onward shall be subject to the T+1 settlement cycle.

All Capital Market Operators, Securities Exchanges, Clearing and Settlement Infrastructure Providers, Custodians, Registrars, Issuers, and other relevant stakeholders are required to take all necessary measures to ensure full operational readiness and compliance with the new settlement framework. Market participants are expected to review and align their systems, processes, controls, and operational workflows ahead of the implementation date.

The Commission will continue to engage stakeholders and monitor the implementation process to ensure an orderly and seamless transition.

The Securities and Exchange Commission remains committed to strengthening market integrity, enhancing investor confidence, and fostering the development of a modern, resilient, and globally competitive Nigerian capital market.

For further information, please contact: emidivision@sec.gov.ng

Signed

Management

May 14, 2026

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