The Securities and Exchange Commission (SEC) has said the adoption of the T+1 settlement cycle in Nigeria’s capital market is going on smoothly, describing it as a development that has enhanced competitiveness and provided relief to market participants.
Emomotimi Agama, director general, SEC stated this in an interview with journalists in Abuja at the weekend.
Agama, who was represented by Hafsat Rufai, director, registration, Exchanges and Market Infrastructure, said both local and international investors had expressed satisfaction with the new settlement cycle.
She said: “Feedback from them has been excellent. They are happy with T+1, and the local investors are also happy with T+1. The fear initially was around the availability of cash to settle, time zone being one of the major considerations.
“Sometimes, in some countries, when we are closing our market at 4:00 p.m., it is still early in the day. Sometimes, it’s even longer than being early in the day; it’s midnight in some countries. And so everybody is concerned about how to source cash or how to source funds for settlement.
