Starting from November 28, Nigeria’s central securities depository, the Central Securities Clearing System (CSCS Plc), shifted to a T+2 settlement cycle. For Nigeria’s flagship equities markets, the Nigerian Exchange (NGX) and NASD OTC, this means share transfers will now be settled after two working days.
This achievement makes Nigeria the first market in sub-Saharan Africa to reach T+2, and the second on the continent after the Egyptian Exchange, which transitioned in 2022. Despite having only just adopted the T+2 system, Haruna Jalo Waziri, Managing Director of CSCS Plc, confirmed that plans are already underway to move to T+1 by 2026.
Read also: Here’s what T+2 settlement cycle means for stock investors