For decades, Nigeria’s fixed‑income market has served as a foundation of the country’s capital markets, providing a venue for trading government securities, corporate bonds, and other debt instruments. At the heart of that ecosystem has been the FMDQ Group, which has facilitated trading, settlement, and price discovery for institutional investors, banks, fund managers and corporate issuers.

As part of a broader reform agenda aimed at enhancing transparency and efficiency, the Central Bank of Nigeria (CBN) announced a phased operational restructuring of the fixed‑income market, commencing from November 2025. The reform letter, addressed to the Financial Markets Dealers Association (FMDA), outlines the objective of “strengthening market integrity, streamlining operations, and establishing a unified regulatory framework that ensures end‑to‑end visibility and supervisory oversight of fixed income transactions.”

Our latest insight breaks down what has changed, what remains uncertain, and what investors must prepare for.        Click to Read More