WED MAR 11 2026-theGBJournal| Nigeria’s fixed income market traded on a mixed note on Wednesday as investors positioned around the primary market auction conducted by the Debt Management Office (DMO).
Activity across treasury instruments reflected cautious sentiment, with participants adjusting portfolios in response to fresh supply from the government.
The NTB secondary market traded on a lull with a bullish undertone, as the average yield contracted by 1bp to 17.6%.
Across the curve, the average yield expanded at the short (+4bps) and mid (+8bps) segments due to profit-taking activities on the 92DTM (-1bp) and 176DTM (-1bp) bills, respectively, but contracted at the long (-1bp) end, due to the demand for the 344DTM (-2bps) bill.
The Debt Management Office (DMO) offered N950.00 billion across the three maturities: N150.00 billion for the 91-Day tenor, N200.00 billion for the 182-Day tenor, and N600.00 billion for the 364-Day tenor.
Similarly, the average yield contracted by 2bps to 21.1% in the OMO segment.
The FGN bond secondary market closed on a bearish note, as the average yield expanded by 4bps to 15.6%.
Across the curve, the average yield expanded at the short (+12bps) and mid (+1bp) segments, following the sell-off of the APR-2029 (+46bps) and APR-2032 (+2bps) bonds, respectively. The average yield remainedunchanged at the long end.
The overnight lending rate contracted by 2bps to 21.1% in the absence of any significant funding pressure.
Analysts noted that the outcome of the auction and liquidity levels in the banking system will continue to shape yield movements in the coming sessions.
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