Inter-Dealer Broker (IDB) Trader Lagos Island

Dicalo Consulting Group - Our client is one of Nigeria's most established and respected capital markets institutions — a licensed stockbroking and dealing firm with a multi-decade track record in securities dealing, asset management, and financial advisory. Headquartered on Lagos Island, the firm operates through an investment banking subsidiary with an active advisory and transaction arranger mandate across domestic and pan-African markets.

The firm is in the process of perfecting its Inter-Dealer Broker (IDB) licence, which will position it as a principal intermediary in the Nigerian fixed income and foreign exchange inter-dealer markets — providing anonymous, real-time price discovery and execution services to Tier 1 and Tier 2 commercial banks, primary dealers, and institutional counterparties on FMDQ Exchange. They are recruiting to fill the position below:

Job Title: Inter-Dealer Broker (IDB) Trader

Location: Lagos Island, Lagos

Employment Type: Full-time 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

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.

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.

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.

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

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.

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.

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.

31st August, 2026. How To Apply

Interested and qualified candidates should send CVs to: [Email hidden - Login to reveal] using the job title as the subject of the email