They are recruiting to fill the position below:
Job Title: Senior Inter-Dealer Broker
Location: Lagos Island, Lagos
Employment Type: Full-time
Division: Proprietary Trading Desk
Reporting To: Chairman & Group Managing Director/CEO
Licence Requirement: SEC-registered Dealing Clerk or eligibility to be sponsored
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.
- The IDB Trader will be responsible for executing and managing proprietary trading positions across the firm's inter-dealer broker books, with a focus on FGN bond futures arbitrage, FX basis trading, yield curve positioning, and FX carry strategies.
- The role requires deep familiarity with the FMDQ Exchange ecosystem, Nigerian fixed income market microstructure, and derivative instrument pricing.
- This is a senior, high-accountability position. The trader will operate within defined risk limits, work directly with the CEO on strategy execution, and contribute to the build-out of the IDB trading infrastructure, systems, and counterparty relationships.
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
Essential:
- Bachelor's Degree in Finance, Economics, Accounting, or a quantitative discipline
- 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
Skills:
- 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.
Benefits
- Base Salary: N500,000 – N1,000,000 / month; Competitive — commensurate with experience and market benchmarks
- Performance Bonus: Discretionary profit-sharing linked to prop desk net alpha — structured to align with long-term desk performance
- SEC Sponsorship: The firm will sponsor SEC Dealing Clerk registration where applicable
- Professional Development: Support for CFA, CIBN, and relevant market certifications
- Career Trajectory: Opportunity to grow into Head of Proprietary Trading as the IDB desk scales
Application Closing Date
17th August, 2026.
Interested and qualified candidates should send their applications to: zainab@dicaloo.com using the job title as the subject of the email.
Note
- This role is being managed exclusively by our recruitment partner.
- All applications, enquiries, and expressions of interest should be directed to the agency.
- The identity of the hiring firm will be disclosed to shortlisted candidates only.
- Shortlisted candidates will be contacted for a structured interview process including a market knowledge assessment and a trading scenario exercise.