FRI DEC 19 2025-theGBJournal| The fixed income market held steady on Thursday, as market capitalization stayed unmoved at N51.56 trillion.
The NTB secondary market traded on a quiet note, albeit with bullish tilt, as the average yield contracted by 1bp to 17.5%.
Across the curve, the average yield contracted at the mid (-1bp) and long (-4bps) segments, driven by the demand for the 182DTM (-1bp) and 357DTM (-35bps) bills, respectively, but expanded at the short (+2bps) end due to sell pressures on the 63DTM (+18bps) bill.
Similarly, the average yield contracted by 38bps to 22.0% in the OMO segment.
At Wednesday’s NTB primary market auction, the Debt Management Office (DMO) offered N750.00 billion in bills, with total subscriptions reaching N1.51 trillion (bid-to-offer: 2.0x).
Eventually, the DMO sold N704.07 billion (bid-to-cover: 2.2x), increasing stop rates on the 91-Day to 15.50% (Previous: 15.30%) and the 182-Day to 15.95% (Previous: 15.50%), while the stop rate on the 364-Day bill declined to 17.51% (Previous: 17.95%).
Elsewhere, the FGN bond secondary market also traded on a calm note, as the average yield contracted by 1bp to 16.6%.
Across the curve, the average yield contracted at the short (-4ps) end, due to buying interest in the APR-2029 (-15bps) bond but closed flat at the mid and long segments.
The official FX rate appreciated by 0.1% to N1,459.00/USD, while the overnight lending rate remained unchanged at 22.8%.
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