THUR JAN 08 2026-theGBJournal| The NTB secondary market traded on a bullish note on Wednesday, as the Debt Management Office (DMO) conducted its first NTB auction of the year, offering a sizable N1.15 trillion across the three maturities.
The Treasury bills average yield contracted by 1bp to 17.7%.
Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-1bp) segments, driven by the demand for the 78DTM (-1bp),162DTM (-1bp) and 344DTM (-1bp) bills, respectively. Similarly, the average yield contracted by 1bp to 21.5% in the OMO segment.
At today’s NTB primary market auction, the (DMO) offered N1.15 trillion in bills, with total subscriptions reaching N1.54 trillion (bid-to-offer: 1.3x).
Eventually, the DMO allotted N1.14 trillion at the auction (bid to cover: 1.3x), with stop rates rising across all tenors.
The 91 Day bill cleared at 15.80% (previous: 15.50%), the 182 Day at 16.50% (previous: 15.95%), and the 364 Day at 18.47% (previous: 17.51%).
The Treasury bond secondary market closed on a quiet note, as the average yield remained unchanged at 16.5%.
Across the benchmark curve, the average yield expanded at the mid (+8bps) segment, driven by the selloff of the JUN-2033 (+33bps) bond, but contracted at the long (-5bps) end, due to the demand for the MAR-2036 (-41bps) bond. The average yield remained unchanged at the short end.
The overnight lending rate expanded by 8bps to 22.8% in the absence of any significant inflows into the system.
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