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By Chukwuma Umeorah
Nigerian Exchange Limited has recorded its first Commercial Paper (CP) listing, following the admission of N119.87 billion in Series 1 and Series 2 papers issued by Dangote Cement Plc under its N500 billion Commercial Paper Issuance Programme.
The papers were admitted to trading on February 18, 2026, marking the operationalisation of NGX’s Commercial Paper listing framework introduced last year to deepen the fixed income segment of the Exchange.
According to details of the admission, the N19.95 billion Series 1 paper has a tenor of 181 days and will mature on May 20, 2026, while the N99.92 billion Series 2 paper has a tenor of 265 days and will mature on August 12, 2026. Both were issued at a discount and will be redeemed at a par value of N1,000. The implied yields stood at 17.50 per cent for Series 1 and 19.00 per cent for Series 2.
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Commercial papers are unsecured short-term debt instruments issued by corporates to finance working capital and other immediate funding needs. Market participants said the development reflects an expansion of NGX’s product offerings beyond equities and bonds to include exchange-listed short-term corporate debt instruments.
The Vice Chairman of Highcap Securities Limited, David Adonri, said, “Dangote Cement’s Commercial Paper listing on NGX signals growing sophistication in Nigeria’s short-term debt market.
The attractive yields of these instruments highlight strong investor appetite for high-quality, short-tenor corporate debt, and provide a benchmark for future issuances.”
The NGX emphasises that with the listing, it provides a transparent trading and reporting platform for commercial papers, a market segment that has traditionally operated over-the-counter. The Exchange added that the move is expected to improve price discovery, enhance visibility for issuers, and broaden investment options available to institutional and qualified investors seeking short-term instruments.
