Secondary Market Trading Standards

S/NList Of Fixed Income SecuritiesQuoting ObligationTrade TypeQuote ConventionDefault Order Size (₦'mm)Standard Spread (bps)Settlement Trading Hours
Price 10015 (TTM ≤ 3Y);
30(TTM > 3Y)
T+2 10:00 AM - 2:00 PM
2FGN Eurobonds1WQRFQN/AN/A
3Sub-National Bonds1WQ, 2WQ¹5030
4Short-term Bonds1WQ, 2WQ10015
5Supranational Bonds1WQYieldN/AN/A
6Agency Bonds 1WQ, 2WQ¹Price 5030
7Corporate Bonds1WQ, 2WQ¹7530
8Corporate Eurobonds1WQN/AN/A
11Treasury Bills2WQAFO, RFQDiscount25025
12Commercial Papers1WQ, 2WQRFQ2550
13Repo1WQRepo RateN/AN/A

1 – Subject to minimum issue size of ₦75.00bn, included in general collateral for Repo

2 – Applicable to non-trading securities



1WQ – One-Way Quote; 2WQ – Two-Way Quote; AFO – Anonymous Firm Order; BPS – Basis Points; N/A – Not Available; MM – Million; RFQ – Request for Quote; TTM – Term-to-Maturity; Y – Year