The Central Bank of Nigeria (CBN) has announced a major reform of the country’s fixed-income market, taking over direct control of trading and settlement operations in a bid to boost transparency, efficiency, and regulatory oversight.
In a circular signed by Okey Umeano, Acting Director of the Financial Markets Department, the apex bank disclosed that the phased transition will begin in November 2025, as part of its wider efforts to strengthen Nigeria’s financial system and support economic growth.
According to the CBN, the reform will see the Bank manage the entire trading platform and settlement process for fixed-income securities, ensuring end-to-end oversight under its existing settlement framework for financial market transactions.
The transition will roll out in four key stages. User Acceptance Testing (UAT) of the new settlement infrastructure is scheduled for the second week of October 2025. A pilot phase will then run alongside the current system to guarantee operational stability.
The first major milestone, Go-Live 1, will take effect on November 3, 2025, with the full migration of settlement processes to the CBN-managed system. This will be followed by Go-Live 2 on December 1, 2025, when the central bank will activate its dedicated trading platform for Primary Dealers, Market Makers, Pension Fund Administrators, and other licensed participants.
The CBN also acknowledged the critical role of the Financial Markets Dealers Association (FMDA) in market development, urging continued collaboration during the transition.
“We look forward to your continued partnership as we deliver a more efficient, transparent, and resilient fixed-income market,” the statement concluded.
