Good questions—these are core mechanics of how your brokerage works. Let’s break them down clearly.
1. Trading Account Number (MeriTrade)
Your trading account number in MeriTrade is:
Your unique ID used to buy and sell stocks on the Nigerian Exchange (NGX).
Think of it like this:
Trading Account → where your stocks transactions happen
Bank/Funding Account → where your money is kept and moved from
They are different on purpose.
Why is it different from your funding account?
Because the system is separated into two layers:
A. Funding Account
This is your wallet (linked to your bank)
You deposit money here
You withdraw money from here
B. Trading Account
This is your market identity
It is used to:
Place buy orders
Place sell orders
It connects to your Central Securities Clearing System (CSCS account)
Simple analogy:
Funding account = your pocket
Trading account = your market ID card
2. Why you must understand this
When you:
Deposit money → goes to funding account
Buy shares → money moves from funding → trading → market
Sell shares → money comes back to funding account
3. What “T+2” means (Very Important)
T+2 = Trade Date + 2 Working Days
This is a standard settlement rule in Nigeria’s stock market.
Example:
You sell shares on Monday (T day)
Add 2 working days:
Tuesday (T+1)
Wednesday (T+2)
👉 Your money becomes available for withdrawal on Wednesday
Why the delay?
Because of settlement processing involving:
Broker (MeriTrade)
Nigerian Exchange Limited
Central Securities Clearing System
They need to:
Confirm the buyer paid
Transfer ownership of shares
Release your cash
4. Key takeaway (no confusion again)
Trading account number → for buying/selling stocks
Funding account → for holding your cash
T+2 → wait 2 working days after selling before withdrawing
5. Practical tip (important for you)
Since you’re actively investing:
Don’t panic if you sell and can’t withdraw immediately
Plan your cash flow with T+2 in mind
Always confirm your CSCS number is correctly linked