The Nigerian Exchange Group (NGX) operates a T+3 settlement cycle for equities transactions. If an investor sells shares on Monday, 5 June 2023, on which date would the transaction be expected to settle?

Under a T+3 settlement cycle, a transaction settles three business days after the trade date. A trade executed on Monday (T) settles on Thursday (T+3): Tuesday is T+1, Wednesday is T+2, and Thursday is T+3. Therefore, a sale on Monday, 5 June 2023 settles on Thursday, 8 June 2023, assuming no public holidays intervene.