The Central Bank of Nigeria (CBN) will assume full control of the country’s fixed income market in a phased reform beginning November 2025. The move is part of broader financial market reforms aimed at boosting transparency, deepening oversight, and strengthening Nigeria’s economic resilience.
According to a circular signed by Okey Umeano, Acting Director of the Financial Markets Department, the apex bank will directly manage both settlement and the trading platform. “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 CBN explained that the initiative will streamline operations and unify regulation across the fixed income space. It added that the objective is to “strengthen market integrity, streamline operations, and establish a unified regulatory framework that ensures end-to-end visibility and supervisory oversight of fixed income transactions.”
The reform will be implemented in stages to avoid disruption and ensure market stability. User Acceptance Testing (UAT) of the settlement infrastructure is scheduled for the second week of October 2025, while a pilot phase will run alongside the existing system.
Go-Live 1 for settlement migration is set for November 3, 2025, when fixed income market activities will move fully to the CBN system. Go-Live 2 for trading platform activation will follow on December 1, 2025, opening access to Primary Dealers, Market Makers, Pension Fund Administrators, and other licensed participants.
The central bank highlighted the importance of the Financial Markets Dealers Association (FMDA) in the reform process. “We look forward to your continued partnership as we work together to deliver a more efficient, transparent, and resilient fixed income market,” the Bank noted.
The CBN assured stakeholders that the phased approach is designed to protect the integrity of the financial system. By collaborating with market operators, it seeks to enhance efficiency while avoiding disruptions that could affect investor confidence.
This reform follows recent regulatory steps to strengthen Nigeria’s financial stability. Last month, the CBN directed Domestic Systemically Important Banks (DSIBs) to implement early succession planning for their chief executives and senior managers to guard against disruptions in leadership.
The directive, signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, requires DSIBs to secure approval for a successor Managing Director or CEO at least six months before the end of an incumbent’s tenure. The measure underscores the CBN’s emphasis on corporate governance as a foundation for financial system stability.
By taking control of the fixed income market, the CBN aims to improve transparency, policy transmission, and investor trust. Together with stricter governance rules for major banks, the reforms signal the regulator’s determination to safeguard the financial system while positioning the market as a driver of economic growth.