WED APRIL 22 2026-theGBJournal| The Nigerian Treasury Bills (NTB) secondary market sustained a bullish run, with average yields easing by 2 basis points to 17.4% amid broad-based demand by end of Wednesday’s session.
Buying interest was evident across the curve, as yields dipped at the short (-1bp), mid (-1bp), and long (-3bps) segments, driven by demand for the 92-day, 169-day, and 302-day instruments.
In the Open Market Operations (OMO) segment, yields also declined sharply by 6 basis points to 21.0%, reinforcing the strong demand for fixed-income securities.
At the primary market auction, investor appetite remained robust despite steady pricing.
The Debt Management Office (DMO) offered N750.00 billion across standard maturities but attracted total subscriptions of N2.36 trillion, translating to a bid-to-offer ratio of 3.2x.
The DMO eventually allotted N894.16 billion, resulting in a bid-to-cover ratio of 2.6x.
Stop rates were held constant at 15.95% for 91-day bills, 16.19% for 182-day bills, and 16.20% for 364-day bills, indicating a deliberate effort to maintain yield stability despite excess demand.
Meanwhile, the FGN bond secondary market traded on a muted note, with the average yield holding steady at 15.6%. Activity along the curve was mixed, as yields in the mid-tenor segment rose by 2 basis points following a sell-off in the June 2033 bond, while yields at the short and long ends remained unchanged.
In the money market, liquidity conditions remained comfortable, with the overnight lending rate declining by 4 basis points to 22.3%, reflecting the absence of significant funding pressures in the system.
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