LAGOS — The Nigerian Exchange Group officially launched the T+1 equity settlement cycle on Monday, June 1, 2026, as the stock market resumed trading after the extended Sallah and Democracy Day public holiday break. The new system means that equity and commodity trades are settled one business day after execution, down from the previous two-day standard.
NGX Group CEO Temi Popoola described the launch as a landmark moment for Nigerian capital markets. He said T+1 settlement improves market liquidity, reduces counterparty risk, and positions Nigeria on par with leading global markets including the United States, Canada, and India.
The Central Securities Clearing System confirmed all technical infrastructure is fully operational. Banks, stockbrokers, custodians, and settlement agents completed their readiness tests before the holiday break. The transition was described as smooth by all major market participants.
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Market Impact
Early trading on Monday showed strong buying activity as investors returned from the holiday break. The NGX All-Share Index gained in the opening session. Analysts attributed the positive opening to a combination of pent-up demand, the T+1 launch excitement, and the generally positive macro backdrop from the $50 billion reserves milestone and S&P upgrade.
Foreign portfolio investors who had been monitoring Nigeria’s market reforms said the T+1 launch is a significant signal that Nigeria is serious about modernising its capital market infrastructure. Several institutional investors indicated they are reviewing their Nigeria exposure in light of the reform momentum.
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The SEC said it will closely monitor the T+1 system’s performance over the first 30 days and address any operational issues that emerge. Director-General Emomotimi Agama said the launch is the beginning of a broader capital market modernisation agenda that will continue through 2027.
