In a statement signed by Okey Umeano, Acting Director of the Financial Markets Department, the apex bank said the first phase of the reform will commence in November 2025, with the CBN assuming full control of both the settlement process and the trading platform for fixed income transactions.
The Bank explained that the initiative will enhance monetary policy transmission, deepen market integrity, and create a unified regulatory framework that guarantees end-to-end visibility of transactions.
Phased Implementation
The CBN outlined a structured rollout plan to ensure a smooth transition and avoid disruptions. Key milestones include:
- User Acceptance Testing (UAT): Scheduled for the second week of October 2025 to test the settlement infrastructure.
- Pilot Phase: To run concurrently with the existing system once UAT is completed.
- Go-Live 1 (Settlement Process): Full migration of fixed income activities to the new settlement system on November 3, 2025.
- Go-Live 2 (Trading Platform): Activation of the CBN-sponsored trading platform for Primary Dealers, Market Makers, Pension Fund Administrators, and other authorized participants on December 1, 2025.
The apex bank reassured stakeholders that the reforms will be executed in stages, with active collaboration from the Financial Markets Dealers Association (FMDA) and other critical players in the financial ecosystem.
“We look forward to your continued partnership as we work together to deliver a more efficient, transparent, and resilient fixed income market,” the statement read.
Broader Reforms
The CBN has in recent months rolled out a series of regulatory initiatives aimed at stabilizing Nigeria’s financial system. In August, it directed Domestic Systemically Important Banks (DSIBs) to adopt early succession planning for Managing Directors and other top executives to safeguard corporate governance and ensure leadership stability.
The apex bank reiterated its commitment to implementing reforms in a coordinated manner that will serve the best interest of market participants while reinforcing confidence in the financial sector.
