TUE AUG 04 2026-theGBJournal| Nigeria’s fixed-income market strengthened on Monday as investors increased purchases of Treasury bills and Federal Government bonds, pushing secondary market yields lower despite tighter liquidity conditions.
The overnight lending rate edged up by 1 basis point to 22.2% as the banking system recorded no significant liquidity inflows.
In the Treasury bills secondary market, buying interest drove the average yield down by 7 basis points to 18.2%.
Demand was strongest for the 87-day, 122-day and 304-day bills, leading yields across the short, mid and long tenors to decline by 2 basis points, 1 basis point and 15 basis points, respectively.
The Open Market Operations (OMO) segment bucked the trend, with the average yield rising 5 basis points to 21.4%.
The Federal Government bond market also posted gains, with the average secondary market yield falling 17 basis points to 16.7% as investors accumulated sovereign debt.
Demand was concentrated in the MAR-2027, MAR-2035 and JUN-2038 benchmark bonds, driving yield declines across the short, medium and long ends of the curve.
The broad-based fall in yields points to stronger investor appetite for government securities in the secondary market.
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