CBN Takes Control of Fixed Income Market in November

The Central Bank of Nigeria (CBN) is set to assume full operational control of the country’s fixed income market beginning November 2025, as part of a sweeping reform aimed at boosting transparency and regulatory efficiency.

In a statement signed by Okey Umeano, Acting Director of the Financial Markets Department, the apex bank confirmed that it will oversee both the settlement process and trading platform for fixed income transactions. This marks the first phase of a broader initiative to modernize Nigeria’s financial infrastructure and reinforce the market’s role in driving monetary policy and economic stability.

The transition will be executed in stages to ensure minimal disruption, with key milestones including user acceptance testing in October, followed by a pilot phase and full migration to the new settlement system by November 3. A dedicated trading platform for authorized participants such as Primary Dealers, Market Makers, and Pension Fund Administrators is expected to go live on December 1.

The CBN emphasized that the reforms are designed to unify regulatory oversight, streamline operations, and provide end-to-end visibility across all fixed income transactions. The bank also acknowledged the contributions of the Financial Markets Dealers Association (FMDA) and called for continued collaboration as the changes roll out.

Reaffirming its commitment to market development, the CBN assured stakeholders that the overhaul will be implemented in a coordinated manner to safeguard market integrity and support long-term financial growth.