Nigerian stocks switch to T+1 settlement as the NGX All-Share Index cools from its May record

The Nigerian Exchange began a new chapter in June 2026: faster settlement. From Monday 1 June 2026 the NGX moved its equities market to a T+1 settlement cycle, meaning a trade now clears one business day after it is executed, instead of the two days (T+2) that applied before. Shorter settlement frees up capital sooner, reduces counterparty risk and brings Nigeria into line with the direction major global markets are taking.

A record, then a pullback

The switch arrived just as the market came off a record high. The All-Share Index (ASI) — the benchmark that tracks every listed equity on the Nigerian Exchange — closed 31 May 2026 at about 250,385.47 points, with total market capitalisation around ₦160.50tn, capping an extraordinary run.

The first session under T+1 went the other way. On 1 June the ASI fell 1.13%, wiping roughly ₦1.81tn off market value, as profit-taking hit high-cap industrial-goods and banking names — BUA Cement fell the daily maximum of 10% and the industrial-goods sub-index dropped about 3.85%. The slide continued into mid-June, with market value briefly easing toward ₦151tn before buyers returned.

Buyers return in late June

By 23 June 2026 the market had strung together a third straight session of gains. The ASI rose 1.06% to 240,743.19 points, lifting capitalisation to about ₦154.48tn — a single-day gain of roughly ₦1.64tn. Airtel Africa led, closing 10% higher at ₦4,358.80, alongside strength in the FUGAZ banks (FBNH/First Holdco, UBA, GTCO, Access/Zenith) and a clutch of insurance counters.

The bigger picture: still a strong year

Even after trimming its May peak, the index is sharply higher for 2026 — a year-to-date gain of about 55%. That follows a 51.19% advance in 2025, when the ASI closed near 155,613 points, its strongest annual return since 2007. The pullback is best read as consolidation after a steep climb rather than a change of trend.

Why equities sit alongside the prices we track

A faster, more liquid stock market matters beyond traders. Listed banks, cement makers and consumer-goods firms are the same companies whose costs move the cement and food prices Opaindex tracks, and equity sentiment leans heavily on the macro backdrop — a steadier naira and the CBN’s 26.5% policy rate shape both corporate earnings and the prices households pay. You can browse the listed companies behind the index on the NGX stocks directory.