CBN, Securities and Exchange Commission, Issue Guidelines On Securities Settlement

 

   As part of their statutory mandate of promoting and facilitating the development of efficient and effective systems for settlement of transactions in the country, the Central Bank of Nigeria and the Securities and Exchange Commission, SEC, have issued guidelines for the settlement of all types of securities in the country.



   The guidelines set out the procedures for the settlement of securities, including the rights and obligations of the parties involved in every transaction.

   Parties to Securities Settlement include but are not limited to Capital Market Registrars, CBN, Nigeria Stock Exchange, Central Securities Clearing System PLC, Deposit Money Banks, Custodians, Dealing Members Firms Page, Discount Houses and Nigerian Commodity Exchange.

   According to a release from the CBN, the general rule is that any securities transaction must trade or be reported through a licensed Exchange in line with the standard settlement guidelines.