The Central Bank of Nigeria (CBN) has unveiled a phased reform of the Nigerian Fixed Income Market aimed at enhancing transparency and operational efficiency across the financial sector.
Okey Umeano, Acting Director of the CBN’s Financial Markets Department, noted in a memo that the first phase, set to begin in November, will involve the bank taking full control of the settlement process and trading platform for fixed income transactions. He explained that this initiative is part of broader financial market reforms, designed to boost regulatory oversight and strengthen the market’s contribution to monetary policy implementation and economic growth.
“This transition will allow the CBN to directly manage the trading platform and oversee end-to-end settlement activities through the Bank’s established settlement system for financial market transactions,” the statement said.
The central bank stressed that the reform seeks to “enhance market integrity, streamline operations, and establish a unified regulatory framework providing full visibility and supervisory control over fixed income transactions.” To ensure a smooth implementation with minimal disruption, the rollout will occur in stages and involve close cooperation with key stakeholders, including the Financial Markets Dealers Association (FMDA). Borrowers or issuers pay a predetermined amount at fixed intervals in fixed income instruments.
On a related note, Nigeria’s broad money supply reached N119.52 trillion in August 2025, up from N117.4 trillion in June 2025. This reflects a year-on-year increase from N107 trillion in August 2024, indicating sustained liquidity growth in the financial system despite inflationary pressures and exchange rate fluctuations.