The Nigerian Exchange Limited has achieved a milestone by recording its first-ever listing of Commercial Paper with the admission of Dangote Cement Plc’s Series 1 and Series 2 issuances under the company’s N500 billion Commercial Paper Issuance Programme.

The two series, totaling N119.87 billion, were admitted to trading on the NGX platform on 18 February 2026. This follows the Exchange’s introduction of the Commercial Paper listing framework last year.

Dangote Cement’s Series 1 Commercial Paper is valued at N19.95 billion. It has a tenor of 181 days and matures on 20 May 2026.

The Series 2 issuance amounts to N99.92 billion. It carries a tenor of 265 days and will mature on 12 August 2026.

Both series were issued at a discount and will be redeemed at a par value of N1,000 upon maturity. They offered implied yields of 17.50% for Series 1 and 19.00% for Series 2.

Vice Chairman of Highcap Securities Limited, David Adonri, described the development as a sign of growing sophistication in Nigeria’s short-term debt market, noting: “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 listing marks a strategic expansion of NGX’s product offerings. It deepens the Exchange’s fixed income market and gives issuers better visibility, liquidity, and transparency for short-term funding instruments.

By admitting Commercial Papers to its platform, NGX is enhancing the efficiency of price discovery. It also broadens investment choices for institutional and qualified investors looking for diversified short-term options.

Commercial Papers are unsecured short-term debt instruments issued by corporates to address working capital and other immediate financing requirements. Their admission to trading on the Exchange brings greater transparency to a market segment that has historically operated over-the-counter. It also improves secondary market tradability.