The Central Bank of Nigeria (CBN) has unveiled a comprehensive reform plan aimed at taking full control of the country’s fixed income market starting November 2025. According to Okey Umeano, Acting Director of the Financial Markets Department at CBN, the phased operational overhaul will see the apex bank assume responsibility for both the settlement process and trading platform of fixed income transactions.
The strategic move is designed to enhance transparency, improve operational efficiency, and strengthen regulatory oversight within the Nigerian financial ecosystem. The CBN emphasized that this consolidation aims to reposition the fixed income market as a critical enabler of monetary policy transmission and economic growth.
Implementation of the reform will occur in stages, beginning with a User Acceptance Testing (UAT) phase scheduled for mid-October 2025. Following the testing, a pilot phase will run concurrently with the existing system to ensure smooth transition and operational stability. The full migration to the CBN-managed settlement process is targeted for November 3, 2025, while activation of the CBN-sponsored trading environment is planned for December 1, 2025.
The CBN stressed the establishment of a unified regulatory framework to ensure end-to-end visibility, market integrity, and supervisory oversight over all fixed income transactions. The Bank also highlighted active collaboration with the Financial Markets Dealers Association (FMDA) and other key stakeholders to facilitate the smooth implementation of these reforms without disrupting market operations.