The Securities and Exchange Commission has set 5pm on the first business day after a transaction as the settlement deadline for equities and commodities traded through the Central Securities Clearing System.

The SEC announced this in a circular issued to capital market operators and other participants as part of the implementation of the T+1 settlement cycle in the Nigerian capital market. The commission said all affected transactions must be fully funded by 5pm on T+1 to comply with the Delivery versus Payment settlement procedure.

It warned that brokers or dealers whose accounts are not adequately funded by the deadline will face measures under the CSCS Default Management Procedure and relevant exchange settlement guidelines.

— CHANNELS