What is CBN’s S4 and what the full deployment means for Nigeria’s fixed-income market

What is CBN’s S4 and what the full deployment means for Nigeria’s fixed-income market

OK, let me start with the confirmation details: The Central Bank of Nigeria (CBN) has officially confirmed that its Scripless Securities Settlement System (S4) is now fully operational as the sole infrastructure (exclusive gateway) for primary market auctions of government securities such as treasury bills and, by extension, other federal government instruments. The confirmation, provided in response to Nairametrics's enquiries , cements S4 as the only framework through which bids are submitted, prices are determined, and securities are allocated in Nigeria’s sovereign debt market. Now, all investors must submit their bids through authorised banks, which transmit them via the S4 interface. It also reflects recent activity in February 2026’s treasury bills auction cycle, where the Federal Government offered N150 billion in 91-day bills, N200 billion in 182-day bills and N800 billion in 364-day bills under a fully centralised electronic process. It cements S4 as the only framework thro…