Whilst the Association has reviewed its journey at periodic intervals vis-a-vis its goals, one clear objective that cuts across the past and the future is the growth and development of the financial markets as well as the protection of the interest of its members in the exercise of their dealing/trading activities including its value chain.


  • History

    The Financial Markets Dealers Association of Nigeria (FMDA) formerly known as Money Market Association of Nigeria (MMAN) is a self regulatory body in Nigeria; initially registered in 1989 under land (Perpetual succession) Act of 1962 and registered later under the Incorporated Trustees on 11th March 2010 as FMDA; to develop financial market infrastructure, human capital and promote professional and ethical standards in treasury activities in Nigeria.

    It was informally started in 1979 and strictly populated by the commercial and merchant banks, that majorly carried out treasury dealing and trading securities. Its membership was extended to the discount houses, when in 1991 the guidelines establishing Discount house was published, in the spirit of deregulation and enhancement of monetary policy effectiveness.

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  • Objectives

    1.  To provide a meeting forum for all members in the financial institutions or Financial related dealing/trading occupations.
    2. To provide a meeting forum for members dealing in Money, Securities, Bonds, Equity & Proprietary Trading and Foreign Exchange market institutions.
    3. To create public awareness, thereby promoting the demand for Financial Market instruments.
    4. To provide a forum for presenting the views of members on any matters/issue that may affect Money, Bonds, Equity Proprietary, Foreign Exchange Market Dealings, Swaps and Derivatives.
    5. To contribute to the development of the Financial Markets through education, market practices, technical advice and networking events.
    6. To increase awareness of the Money, Bonds, Equity Proprietary, Foreign Exchange Market dealing/trading activities and other related issues through seminars, lectures and other fora.
    7. To collaborate as appropriate with government and other regulatory bodies in formulating policies on monetary issues and in carrying out Money, Bonds, Equity Proprietary, Foreign Exchange Market functions and the likes.


    The Association’s quest and desire are encapsulated in its philosophy, goals and objectives as spelt out in its Memorandum and Articles of Association.

    However, in order to provide knowledge and skills to support its members given the emerging market changes in Nigeria, the Association places so much premium on capacity building.

    Following a rationalization of its objects, which was in itself occasioned by repositioning with the establishment of a Self Regulatory, OTC market platform (FMDQ), the Association has shifted focus in order to emphasize regulatory policy engagement/advocacy, arbitration and professional ethics in the financial markets.

    It will also promote and enhance capacity building, through the development of relevant curriculum in treasury related areas by working with Chartered Institute of Bankers of Nigeria and other external training facilitators to develop international certification programmes.


    The Association has its Board of Trustees (8) and a body known as the Governing Council who runs the Association. Members meet periodically to deliberate on issues of interest to the Association.

    There is also a Secretariat, which is headed by an Executive Secretary/Chief Executive. The secretariat coordinates the Association’s daily activities while the Governing Council formulates broad policy guidelines with which the Association is administered.


    The Association’s major effort at instilling ethical standard of conduct and professionalism is reflected through its Code of Conduct. The Code ensures effective self-regulation consistent with the regulatory framework and operations of supervisory authorities as well as international best practices.

    The Code of Conduct is administered by the Association’s Code of Conduct & Arbitration Committee.

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