The Central Bank of Nigeria (CBN) has announced that it will take total control of the country’s fixed income market since November 2025. The movement, which will be carried out in phases, aims to make the market more transparent, efficient and better supervised.
In a statement signed by Okey Uumeano, interim director of the Department of Financial Markets, the CBN said that the reform will cover both the liquidation process and the negotiation platform used for fixed income transactions.
The bank explained that the plan is part of the broader efforts to strengthen the way in which the fixed income market supports monetary policy and economic growth. “This transition will allow the CBN to directly manage the negotiation platform and take over all the liquidation activities under its own system,” the statement said.
According to the CBN, the reform “will strengthen confidence in the market, simplify operations and create a single regulatory framework that provides complete supervision of all fixed income transactions.”
To reduce risks and avoid interruptions, the change will occur in the stages with the contributions of interested parties, especially the Financial Market Dealers Association (FMDA).
The first phase will include: user acceptance tests (UAT): As of the second week of October 2025, to test the new system; Pilot phase: execute together with the current system after the test, to guarantee soft operations; Go-Live 1 (liquidation): Complete the change to the new liquidation process on November 3, 2025.
GO-Live 2 (negotiation platform), launch of the negotiation platform managed by CBN for banks, market manufacturers, pension fund managers and other actors on December 1, 2025.
The CBN praised FMDA for its role in the growth of Nigeria’s financial markets and urged continuous cooperation. “We hope to work together to build a more efficient, transparent and reliable fixed income market,” said the bank.
The Apex Bank also assured those interested 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. Last month, the bank ordered the big banks, known as national banks of systemic importance (DSIB), to ensure regulatory approval for new managing directors or CEO at least six months before the current ones leave the office.
This directive was aimed at improving corporate governance and preventing leadership gaps that the banking system could weaken.
With the reform of the fixed income market as of November, experts believe that the changes could significantly remodel Nigeria’s financial markets by placing the CBN in the center of regulation and daily operations.
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