The Central Bank of Nigeria (CBN) has announced a phased overhaul of the Nigerian Fixed Income Market, beginning November 2025, aimed at enhancing transparency, operational efficiency, and regulatory oversight.
In a formal memo from Okey Umeano, Acting Director of the Financial Markets Department, the CBN explained it will assume full control of both the settlement process and the trading platform for fixed income transactions.
This marks a transition where the CBN directly manages trading and handles end-to-end settlement activities through its established settlement system for financial market transactions.
The reform is part of broader financial market adjustments aimed at strengthening market integrity, streamlining operations, and establishing a unified regulatory framework that offers full visibility and supervisory oversight of fixed income transactions.
The phased implementation seeks to minimize market disruptions, engaging stakeholders such as the Financial Markets Dealers Association (FMDA) for collaboration.
Key milestones include User Acceptance Testing in mid-October 2025, a pilot phase running alongside the existing system for operational stability, and full migration of settlement activities targeted for November 3, 2025. The trading platform for authorized participants, including Primary Dealers and Pension Fund Administrators, is expected to be fully activated by December 1, 2025.
The CBN highlights this move as crucial for improving the fixed income market’s role in supporting monetary policy transmission and economic growth in Nigeria.
Alongside these reforms, Nigeria’s broad money supply grows steadily, reaching N119.52 trillion in August 2025, reflecting continued liquidity expansion despite inflation and exchange rate pressures.
This direct intervention by the CBN represents a critical step in consolidating Nigeria’s financial markets and fostering investor confidence through better regulation and transparency.
