The Central Securities Clearing System (CSCS) Plc has announced that it has completed extensive infrastructure upgrades and operational reviews to ensure a smooth transition to the Trade day plus two days (T+2) settlement cycle, which will commence on November 28.
Under the T+2 system, share transactions are settled two working days after trade execution, meaning the buyer officially receives the shares and the seller gets payment within that timeframe.
CSCS, licensed and regulated by the Securities and Exchange Commission (SEC) as the Central Depository for equities, commercial papers, and bonds, said the transition aligns Nigeria’s capital market with global best practices.
Speaking at a stakeholder webinar themed “Advancing Market Efficiency through T+2 Settlement”, Adeyinka Shonekan, Executive Director representing the Managing Director/CEO of CSCS, explained that a stakeholder-driven committee was set up to conduct a gap analysis and benchmark CSCS processes against international standards across key performance indicators.
According to Shonekan, the initiative reflects CSCS’s commitment to enhancing market efficiency, boosting investor confidence, and improving Nigeria’s capital market competitiveness.
