The Central Bank of Nigeria (CBN) will take direct control of the country’s fixed-income market from November 2025 as part of sweeping reforms to deepen transparency, tighten regulation, and strengthen monetary policy transmission.
In a circular signed by Okey Umeano, Acting Director of the Financial Markets Department, the apex bank announced that it will assume responsibility for both the settlement process and trading platform for fixed-income securities, shifting oversight away from the current shared arrangement.
“This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the Bank’s established settlement system for financial market transactions,” the statement said.
The phased rollout will begin with User Acceptance Testing in mid-October, followed by a pilot phase that will run concurrently with the current system. Full migration of the settlement process is scheduled for November 3, while the activation of the CBN-managed trading platform for Primary Dealers, Pension Fund Administrators, and other market participants will take effect from December 1.
The CBN said the reforms would strengthen market integrity, streamline operations, and create a unified regulatory framework that ensures end-to-end visibility and oversight of fixed-income transactions. It also urged cooperation from stakeholders, particularly the Financial Markets Dealers Association (FMDA), describing its role as pivotal to Nigeria’s financial market development.
“We look forward to your continued partnership as we work together to deliver a more efficient, transparent, and resilient fixed-income market,” the Bank stated.
The announcement comes a month after the CBN ordered Domestic Systemically Important Banks (DSIBs) to implement early succession planning for chief executives and top management, part of broader efforts to bolster governance and minimise risks that could destabilise the financial system.
Monday, October 27, 2025
CBN To Assume Full Control Of Fixed-income Market November 2025
