Metro
SEC Sets 5pm T+1 Deadline For Equities, Commodities Settlement
The Securities and Exchange Commission (SEC) has fixed 5:00pm on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS)….
The Securities and Exchange Commission (SEC) has fixed 5:00pm on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS).
The Commission announced the clarification in a circular issued on Wednesday to capital market operators and other market participants as part of the implementation of the T+1 settlement cycle in Nigeria.
Under the new arrangement, all affected transactions must be fully funded by 5:00pm on T+1 to comply with the standard Delivery versus Payment (DvP) settlement procedure.
The SEC warned that where a broker-dealer’s trading account lacks sufficient funds to meet its settlement obligations within the prescribed period, the default will be handled in accordance with the CSCS Default Management Procedure and applicable settlement guidelines of the relevant exchange.
The Commission also clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market.
However, capital market operators facilitating transactions for foreign portfolio investors are required to establish and maintain adequate controls and processes to ensure timely funding and completion of settlements.
The clarification follows the SEC’s earlier circulars on the implementation of the T+2 settlement cycle for equities, issued on June 3, 2025, and the transition to T+1, issued on May 15, 2026.
T+1 means eligible securities transactions are settled one business day after the trade date, effectively reducing the period between execution and final settlement.
The SEC said the reform marks a major step towards creating a more efficient, resilient and internationally aligned trading and post-trade environment.
It added that the shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of Nigeria’s capital market.
According to the Commission, the reforms are ultimately expected to make the Nigerian market more attractive to both domestic and international investors.
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