No settlement default recorded since T+1 adoption — SEC

The Securities and Exchange Commission (SEC) has disclosed that no settlement default has been recorded since Nigeria migrated to the T+1 settlement cycle. The Director-General, Dr. Emomotimi Agama, represented by the Director of Registration, Exchanges and Market Infrastructure, Mrs. Hafsat Rufai, said the transition has been smooth and well received by local and international investors. He noted that concerns about investors struggling to raise funds within the shorter settlement period had not materialized. Feedback from investors has been 'excellent', and the decision to set the settlement deadline at 5:00 p.m. has provided sufficient time for investors and custodian banks to meet their obligations.

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