The Securities and Exchange Commission, SEC, says the adoption of the T+1 settlement cycle in Nigeria’s capital market is going on smoothly. The Commission described the development as one that has enhanced market competitiveness and given relief to investors.

The Director-General of the SEC, Dr. Emomotimi Agama, stated this in an interview with journalists in Abuja at the weekend. He was represented by the Director, Registration, Exchanges and Market Infrastructure, Mrs. Hafsat Rufai.

‎According to the SEC, both local and international investors have expressed satisfaction with the new settlement arrangement. The Commission said feedback from market participants has been excellent since the migration.

‎The SEC noted that the initial concern was around availability of cash to settle, especially due to time zone differences with foreign investors. Mrs. Rufai explained that with settlement now at 5:00 p.m., custodian banks have enough time to source funds for delivery versus payment.

The Commission also confirmed that no default has been recorded due to lack of funds under the new deadline. It stressed that the shift to 5:00 p.m. settlement has made the process more convenient for all parties.

Nigeria’s capital market operated on a T+3 cycle for many years before beginning a phased modernization. The market moved to T+2 on November 28, 2025, and then to T+1 on June 1, 2026, to improve efficiency and reduce settlement risks.

‎Under T+1, securities bought on a Monday will reflect in an investor’s account by 5:00 p.m. on Tuesday. The SEC said shortening the cycle allows investors to receive their securities or cash faster and makes the market more attractive.

The SEC further disclosed that settlement time was moved from 8:00 a.m. to 5:00 p.m. to align with the extension of trading hours on the Nigerian Exchange from 2:30 p.m. to 4:00 p.m. earlier this year. The Commission said this adjustment prevents unnecessary strain on investors and market operators.