By Peter Egwuatu

The Central Securities Clearing System Plc, CSCS has put in place plans to introduce a T+1 settlement cycle system, just as it recorded a tremendous milestone with the commencement of T+2 in the Nigerian capital market on Friday.
Speaking at a press conference in Lagos, on the transition of T+3 to T+2, Mr. Temi Popoola, Chairman, CSCS Plc, said : “We commemorate a pivotal advancement in the evolution of the Nigerian capital market, the official transition from a T+3 to a T+2 settlement cycle. Today’s milestone transcends the technical adjustment of shortening timelines; it represents a deliberate step toward strengthening investor confidence, deepening liquidity, and firmly positioning our market within the standards that define world-class financial systems.
“The transition to T+2 is not merely an operational achievement; it is a strategic signal. It affirms that Nigeria is committed to building a market anchored on efficiency, transparency, and global competitiveness. In a world where investors demand speed, reliability, and predictability, this achievement reflects our readiness to meet and exceed those expectations”.
Speaking as well, Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, said : “ We have commenced plans to start T+1 next year, even as we start the T+2 now. With the implementation of T+2, all trades executed from today(Friday) will now be settled two business days after the trade date. This achievement strengthens operational efficiency, enhances market liquidity, and significantly reduces counter-party risk, ultimately improving investor experience and ensuring quicker access to funds and securities. The transition also positions Nigeria more competitively within the global capital market landscape, where shorter settlement cycles are increasingly becoming the standard.
Jalo-Waziri, expressed confidence in the readiness of the market. “The successful commencement of the T+2 settlement cycle is the product of extensive collaboration, rigorous testing, and the unwavering commitment of all market stakeholders. We are proud to lead this change at a time when efficiency and resilience are critical pillars for market competitiveness” he added.
In his remark, Mr. Bola Ajomale, the Executive Commissioner for Operations at the Securities and Commission, SEC said : “ We
affirmed our commitment to building a modern, efficient, and transparent capital market, that will continue to engage stakeholders to drive further improvements and strengthen Nigeria’s position as an attractive investment destination.
As the central counterparty, CSCS Plc has dedicated considerable effort and resources to ensure seamless operational and technical readiness throughout the transition”.
Extensive testing with market participants were successfully conducted without any reported issues, reflecting high confidence in the market’s preparedness for this landmark change”.
Furthermore, Jalo-Waziri, noted that CSCS worked closely with the Securities and Exchange Commission (SEC), exchanges, market operators, custodians, and key trade associations to ensure smooth implementation. “Comprehensive readiness assessments, industry-wide testing, and participant engagements were conducted to guarantee that systems, processes, and operational frameworks were aligned with the new cycle ahead of today’s launch.
As the market adjusts to this new settlement environment, CSCS remains committed to providing continuous support and guidance. The organisation has also made implementation procedures and guidelines available to all market participants to aid operational clarity and ensure seamless adoption” he added.