Bonds are bought through market makers and brokers in the primary and secondary markets.

In the Primary Market: The federal government issues bonds through the debt management office (DMO) via auctions. This auction happens on a monthly basis and bids are sent in by customers via Primary dealer market makers (PDMMs). PDMMs are banks appointed by the DMO to act as authorized dealers in FGN bonds. PDMMs submit bids for themselves and on behalf of their clients at the Auctions.

In the Secondary Market: investors interested in buying government securities can do so in the secondary market. Here securities are traded after being issued at the primary market. Trading in the secondary market is done daily by licensed broker-dealers, and securities are settled via FMDQ, CSCS or NGX.

Parthian partners is a licensed broker-dealer facilitating purchase and sale of fixed income securities in the wholesale market.

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