CBN Resets Nigeria's Fixed Income Market
CBN Resets Nigeria's Fixed Income Market
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.
Nigerian law changes fast. Most people find out too late.
Get a short, no-fluff note only when something actually changes that affects you or your business.
Almost there — check your inbox.
We've sent you a confirmation link. Click it to finish subscribing — we'll only write when something actually changes that matters to you. (Check your spam folder if it doesn't arrive within a few minutes.)