CBN takes full control of fixed-income trading

The Central Bank of Nigeria (CBN) has announced that it will assume full responsibility for the trading and settlement of fixed-income securities, a role previously handled by market operators.

In a directive issued on October 3, 2025, the apex bank stated that effective November 3, 2025, all transactions and settlements involving fixed-income instruments will migrate from the current market-run system to the CBN’s in-house platform.

The CBN explained that the move is part of its broader plan to centralise oversight of the sovereign debt market, which plays a key role in liquidity management, interest rate transmission, and macroeconomic stability.

Centralising these operations, it said, would help address long-standing issues such as market fragmentation, inconsistent pricing, and lack of transparency in secondary market transactions.

The regulator noted that this is in line with similar reforms it has undertaken in other segments of the financial system, including the introduction of the B-Match platform for foreign exchange trading, new capital requirements for banks, and updated rules governing commercial papers.

By taking full control of fixed-income operations, the CBN aims to enhance transparency, stability, and efficiency across one of Nigeria’s most critical financial markets.