CBN Rolls Out Phased Reform of Fixed Income Market, First Stage Begins November
The Central Bank of Nigeria will take full control of fixed income trading and settlement from November.
It says the reform will boost transparency, efficiency, and investor confidence in the financial market.
The Central Bank of Nigeria (CBN) has announced a phased reform of the Nigerian fixed income market, a move it says is aimed at improving transparency, efficiency, and regulatory oversight.
According to a circular signed by Okey Umeano, Acting Director of the Financial Markets Department, the first stage of the reforms will begin in November. At this point, the CBN will assume full control of both the settlement process and the trading platform for all fixed income transactions. The bank noted that the transition will enable it to take direct responsibility for the management of the trading system and handle end-to-end settlement activities under its existing market infrastructure.
The apex bank explained that the decision is part of wider financial market reforms designed to strengthen integrity, streamline operations, and create a harmonized regulatory framework. This, it stressed, will ensure full visibility into fixed income transactions while boosting confidence among investors and market participants.
CBN added that the exercise will be carried out gradually in order to reduce disruption to the market. It also stated that it will work closely with key stakeholders, including the Financial Markets Dealers Association (FMDA), to ensure the transition is smooth and effective.
Fixed income instruments are investments in which borrowers or issuers make scheduled payments of a fixed amount to investors over a period of time.
Meanwhile, data released by the bank showed that Nigeria’s broad money supply rose to ₦119.52 trillion in August 2025, up from ₦117.4 trillion in June and ₦107 trillion in the same period of 2024. The figures, according to analysts, point to continued liquidity growth in the financial system despite the country’s lingering inflationary pressures and volatility in the foreign exchange market.
