The Central Bank of Nigeria (CBN) has announced that it will take full control of the country’s fixed income market from November 2025. The move, which will be carried out in phases, is aimed at making the market more transparent, efficient, and better supervised.

In a statement signed by Okey Umeano, Acting Director of the Financial Markets Department, the CBN said the reform will cover both the settlement process and the trading platform used for fixed income transactions.

The bank explained that the plan is part of wider efforts to strengthen how the fixed income market supports monetary policy and economic growth. “This transition will allow the CBN to directly manage the trading platform and take charge of all settlement activities under its own system,” the statement said.

According to the CBN, the reform will “strengthen trust in the market, simplify operations, and create a single regulatory framework that gives full oversight of all fixed income transactions.”

To reduce risks and avoid disruptions, the change will happen in stages with input from stakeholders, especially the Financial Markets Dealers Association (FMDA).

The first phase will include: User Acceptance Testing (UAT): Starting in the second week of October 2025, to test the new system; Pilot Phase: Running alongside the current system after testing, to ensure smooth operations; Go-Live 1 (Settlement): Complete switch to the new settlement process on November 3, 2025.

Go-Live 2 (Trading Platform), Launch of the CBN-managed trading platform for banks, market makers, pension fund administrators, and other players on December 1, 2025.

The CBN praised FMDA for its role in growing Nigeria’s financial markets and urged for continued cooperation. “We look forward to working together to build a more efficient, transparent, and reliable fixed income market,” the bank said.

The apex bank also assured stakeholders that the reform will be carefully managed to maintain stability and confidence in the financial system.

This new reform follows other regulatory steps by the CBN. Just last month, the bank ordered big banks, known as Domestic Systemically Important Banks (DSIBs), to secure regulatory approval for new Managing Directors or CEOs at least six months before the current ones leave office.

That directive was aimed at improving corporate governance and preventing leadership gaps that could weaken the banking system.

With the fixed income market reform starting in November, experts believe the changes could significantly reshape Nigeria’s financial markets by placing the CBN at the center of both regulation and daily operations. (Nigerian Tribune)