The Nigerian Exchange Limited has recorded a milestone in Nigeria’s debt market with the listing of Dangote Cement Plc Commercial Paper under its N500 billion programme.
The Series 1 and Series 2 issuances, valued at a combined N119.87 billion, were admitted for trading on February 18, 2026, marking the Exchange’s first commercial paper listing since introducing the framework last year.
Series 1, worth N19.95 billion, carries a 181-day tenor and matures on May 20, 2026. Series 2 totals N99.92 billion and has a 265-day tenor, due on August 12, 2026. Both were issued at a discount and will be redeemed at the par value of N1,000. Investors were offered implied yields of 17.5 percent and 19 percent, respectively.
Market operators say the development signals deeper depth in Nigeria’s short-term funding market, with strong demand for high-quality corporate instruments. The move also shifts part of the commercial paper market from private over-the-counter transactions to a more transparent, tradable exchange platform.
The listing is expected to improve price discovery, enhance liquidity, and provide institutional investors with broader access to short-tenor debt instruments backed by established corporates.
For NGX, the transaction expands its fixed-income product range and strengthens its position as a full-service capital markets hub, offering companies multiple funding channels beyond traditional equities and bonds.
