SEC fixes timeline for T+1 settlement deadline in Nigeria’s capital market

Nigeria’s Securities and Exchange Commission, SEC, has fixed 5:00 p.m. connected the archetypal concern time aft trading arsenic the colony deadline for eligible equities and commodities.

SEC disclosed this successful a circular on Wednesday to each superior marketplace operators successful Nigeria.

The Commission explained that the measurement formed portion of the implementation of the T+1 colony rhythm successful Nigeria’s superior market, which began connected June 1, 2016.

Under the T+1 framework, eligible securities transactions are settled 1 concern time aft the commercialized day to shorten the colony period.

“Accordingly, each transactions successful the affected securities indispensable beryllium afloat paid by 5:00 p.m. T+1,” the Commission stated.

SEC warned that immoderate broker oregon trader whose trading relationship lacked capable funds to conscionable settlemen...