Job Summary
The IDB Trader will be a founding member of the firm's proprietary trading desk — a rare opportunity to build a market-making and prop trading franchise from inception within a well-capitalised, senior-led institution.
Key Responsibilities
Proprietary Trading & Execution:
Execute inter-dealer trades across FGN bonds, FGN bond futures (BF02, BF10), NAFEX/FMDQ FX futures, and fixed income derivatives on FMDQ Exchange
Manage live positions across multiple prop books including FX Basis, Bond Futures Arbitrage, Yield Curve Steepener, and FX Carry strategies
Identify and exploit mispricings between OTC cash markets and exchange-traded derivative contracts
Monitor real-time FMDQ Q-Nuggets data, NDF rates, settlement prices, and average daily turnover to inform position management.
Market Making & IDB Facilitation:
Provide anonymous price discovery and order matching services to bank and institutional counterparties in the inter-dealer market
Build and maintain voice and electronic brokerage relationships with dealing desks at commercial banks, primary dealers, and asset managers
Facilitate client flow across FGN bond secondary market, FX spot, and futures instruments.
Risk Management:
Operate within approved trading limits, position limits, and stop-loss thresholds as defined in the firm's Risk Framework
Monitor DV01, duration, basis risk, and counterparty exposure in real time
Escalate limit breaches and exceptional market conditions to the CEO immediately
Maintain full audit trail and trade reconciliation for all executed transactions.
Strategy & Reporting:
Contribute to weekly and monthly prop desk P&L reporting, attribution analysis, and position commentary
Work with the CEO and advisory team to identify new alpha opportunities as market conditions evolve
Support the build-out of IDB trading infrastructure including Bloomberg/Reuters terminal setup, FMDQ connectivity, and back-office reconciliation.
Qualifications and Experience
Essential:
Minimum 5 years' trading experience at a Nigerian commercial bank, primary dealer, stockbroking firm, or financial institution — with direct exposure to FGN bond secondary market or FX trading
Demonstrable experience trading or pricing FGN bonds, Treasury Bills, and/or NAFEX/FMDQ FX products
Strong understanding of FMDQ Exchange market structure, trading conventions, and settlement mechanics
Familiarity with FGN bond futures (BF02/BF10) and FMDQ FX Futures pricing and basis dynamics
SEC registration as Dealing Clerk, or eligibility to be sponsored.
Preferred:
CFA charterholder or CIBN/ICAN membership
Experience at a CBN-licensed primary dealer (PD) bank — particularly in the fixed income or FX dealing room
Hands-on experience with Bloomberg Terminal, Reuters Eikon, or FMDQ trading platforms
Prior exposure to yield curve analysis, bond futures basis trading, or NDF/FX basis strategies
Understanding of CBN monetary policy transmission, OMO operations, and their impact on fixed income pricing.
Competencies and Attributes:
Decisive under pressure — able to execute and size positions quickly in fast-moving markets
Numerically rigorous — comfortable with DV01, carry calculations, NPV, and basis pricing
High integrity — the IDB function requires strict adherence to confidentiality and market conduct standards
Self-directed — able to manage a live book independently within defined risk parameters
Collaborative — able to work closely with a small, senior team in a flat organisational structure
Ambitious — motivated by performance-linked compensation and the opportunity to build a franchise from inception.