FMDQ Benchmark Administration

FMDQ Exchange is positioned to providing the secondary market and other financial market stakeholders with world-class market governance and market development services in support of the Exchange’s objectives of fostering global best practices in the Nigerian financial market.

 As an administrator within the definition of the International Organisation of Securities Commissions (“IOSCO”) Principles for Financial Benchmarks (“PFB”), FMDQ Exchange currently administers three (3) Benchmarks in the Nigerian financial markets, namely:

 1. The Nigerian Autonomous Foreign Exchange Fixing (“NAFEX”)

2. The Nigerian Inter-Bank Offered Rate (“NIBOR”)

3. The Nigerian Inter-Bank Treasury Bills’ True Yields Fixing (“NITTY”)


View FMDQ Exchange Benchmark Administration

Benchmark Control FrameworkStatement of Compliance with IOSCO Principles for Financial BenchmarksBenchmark Error Report

FMDQ Exchange Methodologies are a set of procedures applied by the Exchange to derive and calculate daily fixings and market closing rates/prices. The determination and calculation of fixings and closing rates/prices include a validation process whereby, among other steps, FMDQ Exchange reviews data submissions and fixes rates/prices pursuant to certain pre-determined tolerance checks.

FMDQ Exchange has put in place internal guidelines and quality control procedures that govern the application and calculation of all fixings and closing rates/prices. These controls are intended to provide consistency and oversight to the process.

All methodologies are subject to periodic reviews and amendments, keeping in line with best practices.


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NAFEX MethodologyNIBOR MethodologyNITTY Methodology

To protect the integrity and independence of Benchmark determinations, as stipulated in International Organisation of Securities Commissions (IOSCO)’s Principles for Financial Benchmarks for Administrators, all Administrators are required to document, implement and enforce policies and procedures to address circumstances which may occur over the course of the Benchmark administration process. In recognition of the importance and significance of all its Benchmarks, FMDQ Exchange developed its Benchmark Policies in line with IOSCO’s Principles 3, 11, 12, 13 and 16 for Financial Benchmarks, towards strengthening and stabilising the Nigerian financial system.


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Transition Policy Complaints Policy Error Policy Stakeholder Consultation Policy