T+1 Settlement cycle On Smooth Course , Boosting Nigeria’s Market Competitiveness – SEC
The SEC confirms the T+1 settlement cycle is progressing smoothly, boosting market competitiveness.Summary
The Securities and Exchange Commission (SEC) has confirmed that the implementation of the T+1 settlement cycle in Nigeria is proceeding smoothly, with both local and international investors expressing satisfaction. Dr. Emomotimi Agama, the SEC Director-General, highlighted that the new regime has improved market efficiency and competitiveness by reducing the waiting period for investors to receive their securities or cash. To address concerns regarding time zone differences for international investors, the settlement deadline was shifted from 8:00 a.m. to 5:00 p.m., providing custodian banks with sufficient time to mobilize funds. The SEC DG noted that no defaults have been recorded so far and emphasized that the reform is designed to make the Nigerian market more efficient, attractive, and competitive.
(Source：New Telegraph)