The Securities and Exchange Commission (SEC) has confirmed zero settlement defaults recorded since Nigeria migrated to the T+1 settlement cycle.
The regulatory body disclosed that the ongoing transition has been exceptionally smooth, receiving positive feedback from both domestic and foreign institutional investors.
​Speaking to journalists over the weekend at the SEC headquarters in Abuja, the Director-General of the SEC, Dr. Emomotimi Agama represented by Mrs. Hafsat Rufai, Director of Registration, Exchanges, and Market Infrastructure, noted that the market has adapted seamlessly to the accelerated clearing framework.
​Following the official go-live on June 1, 2026, which shortened transaction settlements from two business days (T+2) to one (T+1), stakeholder concerns primarily centered on global time-zone disparities and liquidity processing windows. However, operational adjustments made by regulatory authorities mitigated those friction points.
Key details of the statement include, No transactions have failed due to an unavailability of funds or delayed securities delivery under the new framework. On August 12, 2026, the SEC established a daily settlement cut-off time of 5:00 PM on T+1, shifting away from earlier standard morning cut-offs.
The 5:00 PM deadline grants custodian banks and foreign investors operating in different time zones adequate time to arrange funds and process securities under the Delivery versus Payment (DvP) protocol.
​Mrs. Rufai emphasized that shortening the settlement cycle has reduced systemic counterparty risk, boosted market liquidity, and aligned Nigeria’s capital market standards with major international jurisdictions such as the United States.
The Commission reaffirmed its commitment to monitoring market infrastructure alongside the Central Securities Clearing System (CSCS) to sustain full operational efficiency.
