WED SEPT 16 2026-theGBJournal| Nigeria’s fixed-income market traded with a mildly constructive tone, with demand concentrated in selected Treasury bills despite the absence of significant system liquidity inflows.
The overnight lending rate edged lower, while T-bill yields compressed across the curve, pointing to pockets of buying interest.
The move was, however, tempered by higher OMO yields and largely unchanged FGN bond yields, suggesting that overall risk appetite remains measured rather than broad-based.
The overnight lending rate contracted by 10bps to 22.2%, despite no significant inflows into the system, indicating a modest easing in money-market conditions.
The Treasury bill secondary market traded on a bullish note, with the average yield declining by 3bps to 18.8%.
The move was broad-based across the curve, with average yields declining by 1bp at both the short and mid segments and by 5bps at the long end.
Demand was strongest for the 87DTM (-1bp), 178DTM (-1bp) and 332DTM (-29bps) bills.
In contrast, the OMO segment saw some repricing in the opposite direction, with the average yield rising by 6bps to 20.3%, pointing to a more cautious stance toward OMO instruments.
The FGN bond market was largely subdued, with the average yield unchanged at 16.3%.
Trading was mixed across the curve: the short end widened by 2bps, driven by selling pressure on the FEB-2031 (+8bps) bond, while the long end tightened by 2bps following demand for the JUN-2053 (-10bps) bond.
The mid segment was unchanged.
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