Abuja, October 2, 2025 — The Central Bank of Nigeria (CBN) has announced a sweeping operational reform of the nation’s fixed income market, confirming that it will assume full control of both settlement and trading activities beginning November 2025.
The policy shift, revealed in a formal circular signed by Okey Umeano, Acting Director of the Financial Markets Department, marks the first phase of a broader set of financial market reforms designed to enhance transparency, regulatory oversight, and efficiency in Nigeria’s financial ecosystem.
According to the CBN, the transition will see the apex bank directly manage the fixed income trading platform as well as end-to-end settlement processes, consolidating functions that were previously shared among multiple institutions.
“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,” the circular stated.
The Bank explained that the initiative seeks 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 fixed income market, which includes government bonds, treasury bills, and other debt instruments, plays a critical role in supporting monetary policy transmission and financing public expenditure. Analysts note that CBN’s direct involvement could improve confidence, enhance price discovery, and align the market more closely with macroeconomic objectives.
To ensure a seamless transition, the CBN disclosed that implementation will be carried out in phases, with structured engagement involving market stakeholders, particularly the Financial Markets Dealers Association (FMDA).
Market participants are expected to receive detailed operational guidelines ahead of the November rollout, as the CBN moves to consolidate its position as the central authority in Nigeria’s financial market infrastructure.
With this decision, industry observers say Nigeria’s fixed income market is set for a new era of centralized regulation and oversight, potentially reshaping the country’s financial landscape.
