SAT APRIL 11 2026-theGBJournal| The Treasury Bills secondary market closed on a bearish note on Friday with average yields expanding by 6bps to 18.8%. By segment, NTB yields fell 14bps to 17.5%, while OMO yields rose by 44bps to 20.8%.
At Wednesday’s PMA, the Debt Management Office (DMO) offered N700.00 billion in bills, with aggregate subscriptions reaching N2.96 trillion.
Eventually, N731.78 billion was allotted across the 91-day, 182-day, and 365-day papers at respective stop rates of 15.95%, 16.19%, and 16.20%.
Meanwhile, the FGN bond secondary market was bearish, with the average yield up by 10bps to 15.9%.
Across the benchmark curve, the average yield expanded at the short (+61bps) end, driven by sell pressures on the MAR-2027 (+157bps) bond, while it declined at the mid (-1bp) and long(-2bps) segments, driven by demand for the FEB-2034 (-22bps) and JAN-2042 (-9bps) bonds respectively.
At the money market, the OVN rate rose by 4bps w/w to 22.4% as lower SDF placements offset N2.12 trillion in inflows from OMO maturities.
That said, system liquidity remained strong , settling at an average net long position of N6.62 trillion from N5.67 trillion in the prior week.
The naira appreciated by 2.0% w/w to N1,355.0/USD, with no interventions from the CBN during the week.
In the forwards market, the naira rates appreciated across the 1-month (1.7% to N1,383.41/US$), 3-month (1.6% to N1,421.8/US$), 6-month (1.5% to N1,477.0/US$) and 1-year (0.1% to N1,589.0/US$) contracts.
Meanwhile, gross external reserves declined by US$240.00 million to US$48.89 billion (08 April 2026), marking the fourth consecutive week of decline.
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