The Central Bank of Nigeria (CBN) has hinted at a plans to take full control of the fixed income market with effect from November 2025.
CBN made this known in a statement signed by its Acting Director of the Financial Markets Department, Okey Umeano.
The apex bank said it will start a phased operational overhaul of the Nigerian Fixed Income Market, with the aim of deepening transparency and efficiency in Nigeria’s financial ecosystem.
The first phase of the reform will see CBN take full control of both the settlement process and 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,” CBN said.
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It added that the objective of this phase 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 initiative forms part of broader financial market reforms and is designed to enhance regulatory oversight and strengthen the market’s role in supporting monetary policy transmission and economic growth.
To ensure minimal disruption and a smooth transition, the implementation will be executed in stages, with active collaboration from key stakeholders, including the Financial Markets Dealers Association (FMDA).
The first phase includes:
- User Acceptance Testing (UAT): Scheduled for the second week of October 2025, this will involve comprehensive testing of the proposed settlement infrastructure.
- Pilot Phase: Following successful UAT, a pilot phase will run concurrently with the existing system to ensure operational stability.
- Go-Live 1 (Settlement Process): Full migration of fixed income market activities to the new settlement process is slated for November 3, 2025.
- Go-Live 2 (Trading Platform): Activation of the CBN-sponsored trading environment for Primary Dealers, Market Makers (PDMM), Pension Fund Administrators (PFAs), and other authorised participants is targeted for December 1, 2025.
Acknowledging the FMDA’s pivotal role in developing Nigeria’s financial markets, it called for continued cooperation.
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“We look forward to your continued partnership as we work together to deliver a more efficient, transparent, and resilient fixed income market,” CBN stated.
Reaffirming its commitment to market development, the CBN assured stakeholders that the changes will be implemented in a coordinated manner to avoid disruptions and serve the best interests of market participants and the broader financial system.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
