When shares are bought or sold on the Nigerian Exchange (NGX), the transaction is not finalised instantly. Settlement — the formal exchange of shares and payment — happens two business days after the trade. This standard is known as T+2.
Definition
T+2 settlement means that a share transaction on the Nigerian Exchange is finalised two business days after the trade date. "T" is the trade date and "+2" means two additional business days.
On the trade date, your broker executes the buy or sell order on the NGX. The trade is matched between a buyer and seller. The price and quantity are agreed. However, the shares and money do not change hands immediately.
Two business days after the trade, settlement occurs: the buyer's payment is transferred to the seller, and the shares are moved from the seller's CSCS account to the buyer's CSCS account. Only at this point is the transaction complete.
The T+2 window gives all parties — buyers, sellers, and their brokers — time to confirm the trade details, arrange payments, and process the transfer through CSCS. It is a global standard used in most major stock exchanges to reduce settlement risk.
When Shares Saver instructs a broker to purchase shares on your behalf, the T+2 settlement cycle applies. Your shares will be reflected in your CSCS account approximately two business days after the purchase is executed. This is normal and expected.
Yes. After your broker executes your purchase on the NGX, your shares will be registered in your name in your CSCS account approximately two business days later.
Yes. Settlement counts only business days (weekdays that are not public holidays in Nigeria). A trade placed on Friday will typically settle the following Tuesday, assuming no public holidays in between.
Most major markets use T+2, though some are moving to T+1 settlement. The NGX currently operates on a T+2 cycle.
Shares Saver lets you buy and own NGX-listed shares directly in your own name through regulated broker execution.
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