SEC targets near-zero trade fail rate under T+1 settlement in H2 2026
The SEC aims for near-zero trade fail rates under Nigeria's T+1 settlement framework by the second half of 2026.Summary
The Securities and Exchange Commission (SEC) of Nigeria, led by Director-General Dr. Emomotimi Agama, is working toward achieving a sustained near-zero trade fail rate under the country's new T+1 settlement framework by the second half of 2026. Following the transition from a two-day settlement cycle to a next-day (T+1) system, the Commission is focusing on ensuring strict delivery-versus-payment discipline among brokers, custodians, and settlement banks to demonstrate seamless performance.
To support foreign investors, the SEC is collaborating with the Central Bank of Nigeria (CBN) to facilitate same-day foreign exchange execution and is working to modernize the Certificate of Capital Importation (CCI) process through digitization. This modernization aims to ensure that the entry and exit of foreign capital remain efficient and predictable within the compressed settlement timeline.
Additionally, the SEC is implementing the Investments and Securities Act (ISA) 2025 to modernize regulation, expand enforcement powers, and bring digital assets under oversight. While FTSE Russell is currently monitoring the market's transition to assess its impact on international investors, the SEC remains optimistic about market growth driven by bank recapitalization, new listings, and resilient corporate earnings.
(Source：Nairametrics)