Association of Assets Custodians of Nigeria

Dear Esteemed Stakeholder,

We are pleased to inform you that the Nigerian capital market will officially transition to the T+2 Settlement Cycle effective Friday, 28th November 2025.

This transition represents a major milestone in aligning Nigeria’s capital market with international best practices. It is expected to improve operational efficiency, strengthen investor confidence, and enhance market liquidity.

Over the past few months, extensive readiness efforts have been undertaken across the market, including stakeholder engagement sessions, operational readiness assessments, and a wide-reaching public awareness campaign, all aimed at ensuring a seamless transition.

KEY HIGHLIGHT
Please note that effective Friday, 28th November 2025, all trades executed in the Nigerian capital market will be settled on a T+2 basis. This means that trades executed on Friday, 28th November will be settled on Tuesday, 2nd December 2025.

It is important to highlight that trades executed before 28th November 2025 will continue to follow the T + 3 settlement cycle. As such, trades executed on Thursday, 27th November 2025 will also settle on Tuesday, 2nd December 2025, the same day as trades executed on 28th November 2025 under the new T + 2 cycle.

Market participants are expected to have updated their internal processes, systems, and stakeholder communication to reflect this change.

For further information on the T+2 Settlement Cycle transition, including FAQs, please visit the dedicated T+2 transition webpage via the CSCS website:

Nigeria’s Transition to T+2 Settlement Cycle

For any enquiries, please contact CSCS on all our Contact Centre Channels.
We thank you for your continued support and collaboration toward a more resilient and globally competitive capital market.

ASSOCIATION OF ASSET CUSTODIANS OF NIGERIA (AACN)

The Association of Asset Custodians, “AACN” is the umbrella body for Nigerian custodian banks.

Our members provide investor services and custodial services such as asset safekeeping, corporate actions etc to foreign and domestic institutional investors.

Our clients include Global Custodians, Fund Managers, international Broker/Dealers and domestic and foreign institutional investors such as pension funds, Insurance companies, collective investment schemes (Mutual Funds), etc.

Our Association is fully committed to championing positive market reforms, driving efficiency and initiating advocacy at all key market touchpoints. We promote the highest standards of transparency, efficiency, and accuracy within our market in general and amongst our members in particular.

Association of Assets Custodians of Nigeria-About-us

CSCS-T2-Settlement-Cycle-transition-2025-scaled

Nigeria’s Transition to T+2 Settlement Cycle

The Securities & Exchanges Commission (SEC) has reviewed and approved for Nigeria’s capital market to transition from the current T+3 (Trade Date plus three days) settlement cycle to a T+2 (Trade Date plus two days) settlement cycle, effective November 28th, 2025. This means that securities and funds from trades will be settled within two business days after a transaction is executed, rather than the current three business days.

By reducing the time between trade execution and settlement, Nigeria’s market becomes more competitive, liquid, and resilient.

This upgrade reflects the commitment of regulators, exchanges, and financial institutions to modernize Nigeria’s capital markets, improving investor confidence and reducing risks associated with delayed settlements.