The Central Bank of Nigeria has unveiled plans to assume full operational control of the country’s fixed income market from November 2025, marking a significant shift in how debt securities trading will be supervised and executed across the financial system.
Okey Umeano, Acting Director of the Financial Markets Department at the CBN, disclosed the reform in a formal communication to market operators, stating that the apex bank would take charge of both settlement processes and the trading platform for fixed income transactions.
“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 explained.
The initiative forms part of broader financial market reforms aimed at deepening transparency and efficiency whilst enhancing regulatory oversight to support monetary policy transmission and economic growth.
The CBN emphasised that the move would “strengthen market integrity, streamline operations, and establish a unified regulatory framework that ensures end-to-end visibility and supervisory oversight of fixed income transactions.”
To minimise disruption, the implementation will proceed in stages with collaboration from key stakeholders, including the Financial Markets Dealers Association.
Read Also: Dangote Refinery Sack Linked to WhatsApp Leak
The central bank outlined specific milestones for the first phase. User Acceptance Testing is scheduled for the second week of October 2025, involving comprehensive testing of the proposed settlement infrastructure. Following successful testing, a pilot phase will run alongside the existing system to ensure operational stability.
Full migration of fixed income market activities to the new settlement process is slated for 3rd November 2025, whilst activation of the CBN-sponsored trading environment for Primary Dealers, Market Makers, Pension Fund Administrators, and other authorised participants is targeted for 1st December 2025.
The CBN acknowledged the Financial Markets Dealers Association’s role in developing Nigeria’s financial markets and called for continued cooperation.
“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 apex bank assured stakeholders that the changes would be implemented in a coordinated manner to avoid disruptions and serve the best interests of market participants and the broader financial system.
Last month, the CBN issued a directive to Domestic Systemically Important Banks mandating early succession planning for their Managing Directors, Chief Executive Officers, and other top executives.
The circular, signed by Dr Rita Sike, Director of the Financial Policy and Regulation Department, instructed that all such banks must obtain regulatory approval for a successor MD/CEO at least six months before the incumbent’s tenure expires.
The move was aimed at strengthening corporate governance and minimising disruptions that could destabilise the financial system.
