The Central Bank of Nigeria (CBN) has announced plans to assume full control of the Nigerian Fixed Income Market as part of ongoing reforms to enhance transparency, efficiency, and oversight in the country’s financial system.
In a circular signed by Okey Umeano, Acting Director of the Financial Markets Department, the apex bank said it will directly manage both the settlement process and trading platform for fixed income transactions beginning November 2025.
According to the CBN, the reforms are aimed at strengthening market integrity, streamlining operations, and establishing a unified regulatory framework that ensures end-to-end visibility of transactions.
“The 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,” the statement read.
The initiative will be rolled out in stages to ensure a smooth transition and minimize disruptions, with active collaboration from the Financial Markets Dealers Association (FMDA). Key milestones include:
- User Acceptance Testing (UAT): Second week of October 2025.
- Pilot Phase: Concurrent run with the existing system to test stability.
- Go-Live 1 (Settlement): Migration of fixed-income settlement activities to the new system on November 3, 2025.
- Go-Live 2 (Trading Platform): Activation of the CBN-managed trading platform for Primary Dealers, Market Makers, Pension Fund Administrators (PFAs), and other authorized participants on December 1, 2025.
The apex bank commended the FMDA for its role in market development and urged continued cooperation. “We look forward to your continued partnership as we work together to deliver a more efficient, transparent, and resilient fixed income market,” it stated.
The reform comes on the heels of recent measures by the CBN to strengthen corporate governance in the financial sector. In September, the Bank directed Domestic Systemically Important Banks (DSIBs) to implement early succession planning for Managing Directors/Chief Executive Officers and top executives, requiring regulatory approval for successors at least six months before incumbents’ tenures expire.
The latest fixed-income market overhaul underscores the CBN’s commitment to boosting confidence, enhancing monetary policy transmission, and reinforcing stability in Nigeria’s financial system.
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