SEC fixes timeline for T+1 settlement deadline in Nigeria’s capital market
Nigeria’s Securities and Exchange Commission, SEC, has fixed 5:00 pm on the first business day after trading as the settlement deadline for eligible equities and commodities. SEC disclosed this in a circular on Wednesday to all capital market operators in Nigeria. The Commission explained that the measure formed part of the implementation of the T+1 settlement cycle […] SEC fixes timeline for T+1…
The Securities and Exchange Commission (SEC) in Nigeria has set a specific settlement deadline for eligible equities and commodities in the country's capital market. The deadline will be at 5:00 pm on the first business day following the trade date. This measure is part of the implementation of the T+1 settlement cycle, which has been in effect since June 1, 2016.
Under this system, transactions involving securities must be fully paid one business day after the trade date. The SEC emphasized that brokers or dealers with insufficient funds to meet settlement obligations would be subject to default procedures, in accordance with the Central Securities Clearing System's Default Management Procedure.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
