periodo de asentamiento
El periodo de liquidación es el tiempo de espera entre el acuerdo de comprar o vender acciones y el momento en que el dinero y las acciones realmente cambian de manos.
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In plain English
Uche sold her shares on the Nigerian Exchange on a Monday, checked her account that evening, and got confused when the money was not there yet.
Her broker explained that selling shares is not like selling pepper at Mile 12 market, where cash lands in your palm the moment the tomatoes leave your basket.
There is a gap between the handshake and the actual transfer, and that gap is called the settlement period, usually a couple of business days depending on the market.
In Nigeria, most equity trades settle on a T plus two basis, meaning if you sell on Monday, the money typically clears into your stockbroking account by Wednesday.
In the United Kingdom, shares on the London Stock Exchange also settle T plus two, so someone selling BP shares on Friday should see funds by Tuesday, since weekends do not count.
This matters for anyone sending money home too, because if you are relying on selling shares to fund a transfer to family in Lagos, you plan around those extra days, not the day you clicked sell.
Tunde sells ₦500,000 worth of Dangote Cement shares on a Wednesday. Under T plus two settlement, the ₦500,000 lands in his brokerage account by Friday, not Wednesday evening, so he times his rent payment accordingly.
Questions people ask
Why does settlement take a few days instead of being instant?
Behind every trade sits paperwork and checks, confirming ownership, moving shares through a clearing system, and making sure the money is genuine, all of which takes a short but necessary amount of time.
Can I spend the money before settlement is complete?
Most brokers will not release the funds for withdrawal until settlement is done, so treat the sale as pending cash rather than money already in your pocket.
Does the settlement period differ between countries?
Yes, though many major markets, including Nigeria and the United Kingdom, now use T plus two, some markets still use T plus one or T plus three, so it is worth checking your specific exchange.
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